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"The first half of 2024 was marked by positive momentum in the insurance sector, with an overall turnover of DZD 89.8 billion, up by 7% compared to the same period in 2023," the Algerian Union of Insurance and Reinsurance Companies (UAR) said in a statement published on Sunday.

The overall turnover also includes specialized products such as credit insurance and Takaful, which continue to bolster market growth.

The UAR attributes this strong performance partly to a substantial 51% surge in international acceptances, which reached DZD 5.8 billion, said the source.  

 

The property and casualty insurance segment was a particular bright spot, showing 5% growth with premiums totaling DZD73.6 billion.

"Automobile insurance remains predominant, representing more than half of the production, and all other branches have also shown positive results," affirmed the source.

As for personal insurance, premiums reached DZD10.28 billion, an increase of 5% compared to the same period of the previous year. This increase is mainly due to the "significant growth" in travel assistance, whose premiums grew by 29%.

 

The report notes that while group insurance remains a key player, accounting for over 40% of the sector's output, it experienced a 4 percentage point decline.

 

At the same time, the share of travel assistance increased, now representing 13% of total premiums issued.

 

"This evolution underlines the adjustments in the priorities of the insured and the market's response to new trends," estimates the UAR.

 

Regarding compensations, the total amount of settled claims amounted to DZD33.3 billion, down by 5% compared to the previous year, mainly due to reductions in property and casualty insurance and international acceptances, according to national insurance actors.

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