The magazine specializing in insurance, the Middle East Insurance Review, has devoted a report to the outlook for the Algerian insurance market, in which it highlights above all its “enormous” growth potential.
In a sector recovering after two difficult years due to the Covid-19 health crisis, “the Algerian insurance market has enormous growth potential which allows it to reach around 6 billion dollars” in the long term. , against 1.2 billion in turnover in 2022, notes the publication citing experts.
Reading data from the National Insurance Council (CNA), she notes that “performance in 2022 showed that the market has recovered well from the Covid-19 pandemic. The growth trend should continue in 2023, despite the constraints. »
This recovery in production is explained, among other things, by the performance of the “small but dynamic” branch of life insurance, which recorded growth of 19.7% last year, against less than 5% for non-life insurance, we read in this file.
Personal insurance is “a growth engine for the entire sector in Algeria”, this review further underlines, quoting Ammar Meslouh, vice-president of the Algerian Union of Insurers and Reinsurers (UAR), affirming that the development accompanied by rapid growth in premium turnover in this segment, its rate of growth and the quality of its innovative services have helped to restore consumer confidence.
For the first time since 2011, the volume of premiums reached 16.2 billion dinars against 13.5 billion dinars in 2021, or about 10% of premiums issued in 2022, against less than 9% in 2021, details the publication .
“But bancassurance remains the most important sales support channel in personal insurance,” assures Mr. Meslouh, also CEO of L’Algérienne Vie, adding that bancassurance plays a major role in the marketing of various insurance products. ‘assurance.
The specialist magazine also focused on the property insurance branch, highlighting the opportunities available to this segment, particularly following the resumption of vehicle imports in early 2023 and the prospect of setting up a automotive sector.
In an article entitled “Opportunities for Algerian insurers despite fierce competition”, the Singaporean monthly reviews the growth prospects of other products, in particular motor insurance and coverage of emerging risks.
“The insurance industry still has significant room for growth by creating tailored offerings for small businesses and insurance against emerging risks such as cybersecurity threats,” says Daouia Nedil, Director of Fire, Property and Casualty Risks. generals at Cash Insurance, in an interview.
Besides the recent introduction of Takaful insurance, other opportunities include boosting investment in industry, mining, agriculture and renewable energy, which could increase insurance’s contribution to GDP. 0.7% to 1% over the next few years, she said.
2023-06-03 13:57:08
#Algerian #insurance #market #enormous #growth #potential #Dzair #Scoop
