The president of the Algerian Union of Insurance and Reinsurance Companies (UAR), Benmicia Youcef (photo), announced on January 10, 2022 that the Algerian insurance market will welcome during the year 2022, two new public insurance companies whose authorization file is in progress.
Speaking in the columns of ‘El Moudjahid’, the Algerian national news daily, the official argued that the rich market of 23 insurance companies under Algerian law will grow to 25 by 2022.
For Benmicia, 2020 has been a difficult year for the sector in the country which has been hit hard by the devastating effects of the coronavirus health crisis.
According to its official figures, the sector recorded a drop of 5% mainly due to the fallout from the Covid-19 health crisis on the sector and the economy in general. Nevertheless, specifies the CEO of the Algerian Insurance Company (CAAT), the year 2021 was characterized by an economic recovery which impacted the insurance sector returning to growth before the pandemic.
In addition, the president of the UAR declared that the insurance market forecasts a growth of 4% for the fiscal year 2021, referring to the forecasts of the National Insurance Council (CNA), for the closing of the insurance market on 31 December 2021.
As a reminder, Algeria experienced a gradual recovery in the insurance sector during the first half of 2021. The market, all activities combined, shows a little over 75 billion DA (543.5 million USD), against 71 billion DA (514.5 million USD), in the same period of 2020, an increase of 5.7%, according to a situation report published in November 2021 by the National Insurance Council (CNA).