Premiums paid by Algerian insurance and reinsurance companies totaled 162.6 billion dinars, or $1.2 billion, in 2022. This is 4.5 times less than neighboring Morocco’s market, which generated $5.4 billion in revenue last year.
According to an economic report by the National Insurance Council of Algeria, the overall revenue of the Algerian insurance market, all activities combined, will reach 162.6 billion dinars or about 1.2 billion dollars in 2022. These revenues are up 5.9% compared to fiscal 2021. This includes both direct premiums and international reinsurance acceptances. In the same year, Moroccan insurance companies generated revenues equivalent to 5.4 billion dollars.
The National Insurance Council notes that the activity was driven by activity in the direct insurance market. The segment’s revenue reached 155.8 billion Algerian dinars (approximately $1.1 billion), an increase of 6.1% year-on-year. According to the branch, the income of non-life insurance companies rose to 139.6 billion Algerian dinars, up 4.68% against 16.1 billion for life insurance, an increase of 19.7%.
As for international reinsurance acceptances, they reached 6.8 billion dinars, which is 2.3% higher compared to the end of 2021.
In stark contrast, claims filed with insurers reached 80.2 billion dinars in 2022, a 4.4% increase over 2021. Operations was dominated by non-life insurance at 91.2%.
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