Strong growth potential for takaful insurance in Algeria

With 104.3 million DZD (770 250 USD) in premiums, the takaful insurance business in Algeria recorded triple-digit growth in the first quarter of 2024, that is, 265% compared with the same period last year. This accounts for 0.22% of the market's quarterly turnover for all activities combined.

Although the country's first takaful company dates back to the early 2000s, it was not until 2021 that the first executive decree governing Islamic insurance saw the light of day.

In 2022, the market counted two takaful companies and a general takaful window at GAM Assurance.

As the field is still largely uncharted, conventional Algerian insurance companies could open takaful windows to capitalize on the growth potential of this developing market.