The National Fund for Agricultural Cooperation recorded an increase in turnover by 13.06 billion DA in 2022 (+3%), compared to 12.6 billion DA during the previous fiscal year, as confirmed by the company in its annual report.
In the outcome of its consolidated results published on its website, the Fund stated that this increase was due to “the signing of several insurance contracts and agreements with private individuals and professionals, in addition to the various awareness-raising activities carried out by the company and its network for the benefit of farmers and industrialists.”
The same document also indicated that the net result of the public company was also recorded at the end of December 2022, an increase of 1.24 billion DA, compared to 1.20 billion DA in the previous year (+3%), with market shares estimated at 65% in the field of agricultural insurance.
According to the branches – the source adds – agricultural insurance recorded a growth of 11% in 2022, with an estimated production of 1.5 billion DZD, compared to 1.4 billion DZD in 2021. As for the automobile branch, it recorded a turnover of 9.5 billion DZD (-1). %), while the Fire and Various Hazards Branch recorded an increase of 21% with a turnover of 1.6 billion DZD.
As for the structure of the agricultural insurance portfolio, 40% of the turnover achieved by the company in this branch relates to plant insurance, and 33% to animal insurance, while the secondary branches “other agricultural risks” represent 27%, the same report adds.
The National Fund for Agricultural Cooperation, which markets various agricultural insurance services and is the first agricultural insurance company in Algeria, has recently launched a new product for marine transport insurance that covers losses, material damages and accidents to insured ships, especially with respect to merchant ships, express ships and tugboats. and boats.
As for the amount of declared damages in the year 2022 – the source adds – it was recorded at 6.2 billion DZD, indicating that the settled accidents were estimated at 6.4 billion DZD, with a total of 200 thousand compensated files.
Within the framework of its “Strategic Plan 2020-2024”, the company is betting on modernizing agricultural insurance products and creating the rural mutual loan, as well as proposing social coverage for the farmer, breeder and fisherman, as well as digitization and the development of the company’s media system.
It should be noted that the National Fund for Agricultural Cooperation has, during the current year, increased its social capital twice to reach 10 billion DZD, a total increase of 82%.
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