Non-life insurances - Algeria | Statista Market Forecast

The Non-life insurance market in Algeria is projected to reach a market size (gross written premium) of US$2.00bn in 2024.
The average spending per capita in the Non-life insurance market is expected to amount to US$43.29 in 2024.
The gross written premium is projected to have an annual growth rate (CAGR 2024-2029) of 1.44%, resulting in a market volume of US$2.15bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
Algeria's non-life insurance market is experiencing a surge in demand due to the increasing importance of risk management in the country's rapidly growing economy.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurance market in Algeria has been experiencing notable developments and trends in recent years. Customer preferences in the Algerian market are shifting towards more comprehensive insurance coverage, including property, health, and liability insurance. Customers are increasingly seeking tailored insurance solutions that provide them with a sense of security and protection against various risks. Trends in the market indicate a growing demand for non-life insurance products in Algeria. This trend can be attributed to increasing awareness about the importance of insurance, regulatory reforms promoting the insurance sector, and a rising middle-class population with higher disposable income. Additionally, the market is witnessing the entry of new insurance companies offering innovative products and services to cater to the evolving needs of customers. Local special circumstances, such as the Algerian government's efforts to promote the insurance sector and improve regulatory frameworks, are playing a significant role in shaping the non-life insurance market. The government's initiatives to enhance transparency, consumer protection, and market competitiveness are creating a more conducive environment for insurance companies to operate and expand their offerings. Underlying macroeconomic factors, including economic growth, stability, and investment in infrastructure projects, are also contributing to the development of the non-life insurance market in Algeria. As the economy continues to grow and diversify, there is a greater need for insurance products to mitigate risks associated with business operations, property ownership, and healthcare expenses. Overall, the Non-life insurance market in Algeria is poised for further growth and expansion, driven by evolving customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.