The insurance sector records a turnover of more than 131 billion dinars during the first nine months of 2024 – Algerian Dialogue

The insurance sector recorded an increase in turnover to 131.7 billion dinars during the first nine months of 2024, with a very distinguished performance of the emerging “takaful” insurance activity, according to what was reported by the General Representative of the Algerian Federation of Insurance and Reinsurance Companies, Abdel Hakim Berrah.

Mr. Barah confirmed that at the end of September 2024, “the insurance sector recorded a positive dynamic, as the total turnover reached Dh131.7 billion, an increase of 4.9 percent compared to the same period in 2023,” explaining that this increase was supported by a significant increase in the resulting international acceptances. Regarding reinsurance activity (+51.4 percent), which achieved a turnover of DZD 8.7 billion between January and September.

These results show “the flexibility of the market and its strategic role in the national economy,” confirms the general delegate of the professional association.

According to Mr. Barah, until the end of last September, Takaful insurance achieved a total turnover of 390.1 million dinars, an increase of 319.8 percent.

This increase concerns both the “General Takaful” and “Family Takaful” activities, where their total achievements amounted to 220 million DZD and 170 million DZD, respectively.

In addition, compensation paid by insurance companies against damages decreased by 9 percent, reaching 43.49 billion dinars on an annual basis.

As for the compensation paid by insurance companies to people, it rose to 5.6 billion dinars between January and September 2024, an increase of 15.4 percent compared to the same period in 2023.

The Algerian Federation of Insurance and Reinsurance Companies was established in 1994. It is a professional association that includes insurance and reinsurance companies in addition to branches of foreign companies operating in these two activities.