Insurance

Although underdeveloped by both international and regional standards, Algeria’s insurance market has seen rapid growth in recent years. Publicly owned insurance firms dominate the sector and held a market share of 70.2% in the first quarter of 2012. Accounting for 91.4% of the total in 2011, property and casualty products make up the majority of premiums, while the life market share stood at 7.6%. Motor insurance is still the most popular product, accounting for almost 50% of premiums. The sector has recently seen a number of important developments, such as the compulsory separation of life and non-life businesses, which came into force in 2011 and which the government hopes will boost the life segment in the long term. The segment remains small, with just 1% market share in 2011. However, this is expected to grow rapidly. This chapter contains an interview with Jean-Laurent Granier, CEO Mediterranean-Latin American region, Axa Assurances.