Algeria: Sixteen foreign reinsurance brokers receive operating licence

May 06, 2015

These are British, French, Spanish, Lebanese, American and Indian companies.

Sixteen foreign reinsurance brokers have obtained an operating licence from the Insurance Supervisory Commission to trade on the Algerian market.

These include British, French, Spanish, Lebanese, American and Indian reinsurance brokerage firms, Algeria Press Service reports.

The Algerian insurance market currently counts 23 companies. It achieved a turnover of 119 billion dinars (about one billion euros) in 2014 against 111 billion dinars in 2013, which represents a 7.4 per cent increase.

The sector's development potential is significant. The insurance penetration rate in Algeria is still low and represents only about 0.7 per cent of GDP, while this percentage is around nine per cent in industrialised countries and three per cent in emerging countries overall, according to figures from the Embassy of France in Algeria.

The amount of insurance premiums per capita is the equivalent of 38 dollars against a world average of 656 dollars and there is one point of sale for 28,000 inhabitants, against one per 5000 inhabitants on average globally.ADNFCR-2976-ID-801786316-ADNFCR