The Insurance Industry in Algeria, Key Trends and Opportunities to 2017

Date: 2015-09

The Algerian insurance industry is relatively small, and consequently has relatively little impact on the global insurance industry. As a percentage of GDP, gross written premiums stood at 0.6% in 2012, as compared to 3.5% for Morocco. The penetration of insurance products is significantly lower than the average penetration rate of 1.5% recorded in other Maghreb countries, suggesting that there is an opportunity for growth. In addition, the Algerian government is planning large-scale infrastructural investments which will require high-value insurance cover. This is likely to be the key driver of growth in the Algerian insurance industry over the forecast period (2013โˆ’2017). Algeria is one of the largest oil and gas suppliers in the Maghreb region, and the leading supplier to Europe. Improving economic and business conditions in the EU are likely to increase domestic oil and gas consumption. Consequently, this should accelerate demand for marine, transit and engineering insurance products.

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