Algeria - Insurance

In 1966, a state monopoly based on the Algerian Company of Insurance (ACI), and the Algerian Insurance of Reinsurance Fund (AIRF), replaced foreign insurance companies. Ten Algerian insurance companies were operating in 2003: the Compagnie Algérienne d'Assurances, the Compagnie Algérienne des Assurances Transports, the Compagnie Centrale de Réassurance, the Agricultural Mutual Fund, the Algerian Fund Insurance for Workers in Education and Culture, the CAGEX Insurance Company, and Guarantee for Exports and the Société Nationale d'Assurances. In 1998, Trust-Algeria, the International Company of Insurance and Reinsurance, and Algerian Insurance were approved as Algerian Insurance Companies. The state insurer, Société Algérienne d'Assurance (SAA), posted an DA 323.3 million ($5.6million) net profit for 1995, on a turnover of DA 13.9 billion. In 1990, Algerians spent US $18.5 per capita on insurance premiums, or 1.4% of the country's GDP.

The government sponsors an export credit insurance agency, managed by the Algerian Export Management Company, that is financed by 10% of a tax on imported luxury goods. This has been set up to aid the growth of non-hydrocarbon exports.

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