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E-news 55
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AXA sets up its dedicated structure in Algeria, by Sébastien Loeffel, International Network Manager, AXA Corporate Solutions
AXA Group recently achieved its project initiated in 2009 to be among the first world leader insurers established on the Algerian market. It is now represented through a dedicated structure: AXA Algérie.
This new entity has been operating since early 2012 and provides insurance services to local and international clients.
AXA owns a share of 49 % and is associated with two public partners, the National Fund of Investment and the Banque Extèrieure d’Algérie. AXA is in charge of the management of the company which is a strategic asset considering the high growth potential of the Algerian market.
According to its 2015 Ambition plan, AXA Algérie plans to be one of the leaders on the corporate segment in the Algerian territory.
Therefore, it is planned to open 130 local agencies and to recruit around 700 employees in the coming years, including 500 sales representatives.
In the same time, the company aims at taking a 5 to 10% share of the local market representing a turnover around 80 million Euros.
AXA Algérie is licensed to operate both in P&C and Life and it is the privileged network partner of AXA Corporate Solutions for implementing local policies of its multinational corporate clients with manuscript wordings and support of a dedicated team.
Please consult official website AXA Algérie : www.axa.dz
Contact:
Sébastien Loeffel,
International Network Manager
sebastien.loeffel@axa-cs.com
Facts and figures about Algerian insurance market
The growth of the Algerian insurance industry has been favorable, at around 6 percent in 2011, according to Lamara Latrous, President of the Union of Algerian Insurance and Reinsurance Companies.
Insurance companies, public and private, generated a turnover of 86.1 billion dinars (0.9 billion euros) during the past year, as compared to 79 billion dinars (0.8 billion euros) in 2010.
According to Swiss Re Sigma, Algeria is the 61st largest in the world (5th in Africa) in terms of total premium volume with a global market share of 0.03 %.