Algeria’s insurance sector saw overall growth in 2023, with total turnover reaching 172 billion Algerian dinars (DZD), equivalent to approximately $1.259 billion USD, according to data released by the Directorate General of Treasury and Accounting. This represents a 5.17% increase compared to the previous year.
Within the non-life insurance segment, Société Nationale d’Assurance (SAA) led the market with a turnover of 32.852 billion DZD ($240.475 million USD), followed by Compagnie Algérienne des Assurances (CAAT) with 30.078 billion DZD ($220.171 million USD). SAA experienced an 8.61% growth in turnover, while CAAT saw a more substantial increase of 5.06%.
The life insurance sector also demonstrated growth, with a total turnover of 21.136 billion DZD ($154.716 million USD), a 12.98% increase year-on-year. AGLIC topped the life insurance market with 5.141 billion DZD ($37.632 million USD) in turnover, experiencing a significant 26.66% growth. Cardif El Djazair followed with 3.984 billion DZD ($29.163 million USD), a 4.59% increase.
CAAT, established on April 30, 1985, is a public economic enterprise authorized to conduct all types of property damage insurance. The company is headquartered in Algiers, with contact information available on its website, www.caat.dz.
The takaful insurance segment, operating under Islamic finance principles, recorded a turnover of 737 million DZD ($5.395 million USD), representing a 52.15% increase. El-Djazaïr El-Moutahida Family Takaful and El Djazair Takaful (General) are the primary players in this market.
The data indicates a strengthening Algerian dinar against the US dollar, with the exchange rate at 1 DZD = 0.00732 USD as of December 31, 2024, compared to 1 DZD = 0.00742 USD on December 31, 2023. This exchange rate fluctuation is factored into the reported USD values.
SAA, a major player in the sector, emphasizes data protection, stating its commitment to using personal data solely for the purposes for which it was collected, in accordance with Law No. 18-07 of June 10, 2018, relating to the protection of individuals in the processing of personal data. SAA’s registered office is located at Lot 234, Quartier d’Affaires, Bab Ezzouar, Algiers.
