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4% growth recorded in the 1st quarter of 2024
Insurance Turnover
The national insurance market, all activities combined, generated a turnover of 48.4 billion dinars in the first quarter of 2024, an increase of 4% over one year, indicated the National Insurance Council (CNA) in its latest economic report.
In the conventional insurance sector, the property and casualty insurance branch achieved a turnover of 39.6 billion dinars at the end of March 2024 (+0.7% over one year), while that of personal insurance posted a turnover of nearly 5.2 billion DA.
(-7.2%), details the same results.
Automobile insurance, which accounts for 54% of total property and casualty insurance production, recorded a turnover of nearly 21.4 billion dinars at the end of March 2024, an increase of 8.2% compared to the same period of the 2023 financial year, according to the same organization.
This trend is the result of the entry into the portfolio of new business, a consequence of the granting of import approval in 2023 to several dealers, some of whom have actually started marketing.
The achievements of the agricultural sector show during the first quarter of 2024, a gain of 97.8 million dinars, i.e. a growth rate of 21.5 compared to the same period of the 2023 financial year, thus accumulating nearly 553.5 million dinars in turnover.
This trend is driven, essentially, by Plant Production which grew by 126% and holds 27.7% of the sector’s achievements, explains the same source.
As for Takaful insurance, a sector that recorded three-digit growth (265%), it generated a turnover of 104.3 million dinars, including 64.4 million dinars generated by the General Takaful branch and 39.8 million dinars by the Family Takaful branch.
In the field of reinsurance, the Central Reinsurance Company (CCR) has accumulated production in international business of 3.3 billion dinars, an increase of 140%, compared to the same period in 2023.
Regarding the claims reported to all insurance companies, they show, for the first quarter of 2024, an increase of 14.3% in amount, and 12.3% in number, totaling, thus, 428,887 files for an amount of 20.8 billion dinars.
Regarding the remaining claims to be paid, they are estimated at 108.1 billion dinars (+7.4), with 1,659,891 cases pending settlement, according to CNA data.
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