The insurance sector in Algeria during the year 2022 recorded a growth of 5 percent, according to what was reported, today, Wednesday in Algiers, by the President of the Algerian Federation of Insurance and Reinsurance Companies, Youssef Ben Messia.
During a hearing in the National People’s Assembly before members of the Transport, Communications and Telecommunications Committee, Ben Messiah explained that the insurance sector, after the decline it recorded in 2020 due to the Covid-19 pandemic, was able to achieve growth in 2021 at a rate of 5 percent, which is the same rate recorded in the current year.
When detailing the numbers recorded in 2022, the same official revealed that the amount of compensation increased by 16 percent this year, noting that the large share of compensation affected traffic accidents (60 percent of the total compensation).
According to the same speaker, car insurance constitutes 50 percent of the insurance activity in Algeria, compared to 10 percent for personal insurance, while the rest concerns fire, property and other insurance.
25 institutions are active in the insurance sector, two of which entered into service this year, according to Mr. Ben Messiah, who indicated that among these institutions, there are 12 insurance institutions that are active in the field of damage insurance and eight in the field of personal insurance, in addition to five specialized institutions, including two new ones. They are active in Takaful insurance.
In the same context, Mr. Ben Messiah proposed the establishment of an independent body to accompany the insurance sector and enhance the protection of the interests of the insured, calling on the other hand to take practical steps to enhance the culture of insurance in order to generalize the comprehensive protection of property and persons.
Regarding the modernization of the sector’s management, the official mentioned the completion of the first insurance digitization process, which concerned compensation for traffic accidents, as a special platform was launched last October to manage insurance files in this field.
He stressed that this platform is currently used by all insurance companies to settle compensation for traffic accidents between companies, indicating that 41,000 files are currently being studied through this platform.
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