Algeria's insurance market grows 5.2% in first half 2014

The insurance industry grew by 5.2% during the first half of 2014, achieving a turnover of DZD73.1 billion against 69.4 billion during the same period of 2013, the National Insurance Council said.
The non-life insurance is still representing the bulk of the turnover with 94% (against 95% in the same period of 2013), while the share of Life and Health Insurance is 6% (5% in 2013), the Council said in its report transmitted to APS.
The turnover of the non-life insurance reached DZD59.5 billion at the end of last June against DZD56.2 billion in the same period 2013, up 6%.
 The motor branch, which totaled an output of DZD 34.9 billion last June 2014, recorded a turnover increase by 2% in comparison with the same period of reference past year and represents 58.7% of the non-life insurance production.
The optional benefits grew 9.3% during the six first months of 2014 comparatively with the same period of 2013 with an 85.7% share of the motor branch budget.
However, personal liability turnover decreased by 7.4% and has a share of 14.3% of the motor branch budget.
With the arrival of new life and health insurance companies, CAARAMA (subsidiary of CAAR), SAPS (subsidiary of SAA and French Macif) and t TALA (subsidiary of CAAT), AXA insurance, which created a subsidiary in Algeria as well as a joint-venture CNMA-Salama Insurance-Algeria, the Algerian market is today composed of 23 companies.