2023-08-31 13:32:26
ALGIERS – The National Agricultural Mutual Fund (CNMA) recorded an increase in turnover to 13.06 billion Da in 2022 (+3%) against 12.6 billion Da during the previous financial year, notes the company in its annual report.
This increase is due “among other things to the signing of several insurance contracts and agreements with individuals and professionals as well as the various awareness-raising actions carried out by the CNMA and its network towards farmers and industrialists”, explains the CNMA in its consolidated results report published on its website.
According to the same document, the net result of the public company at the end of December 2022 was also up to 1.24 billion Da against 1.20 billion Da for the previous financial year (+3%), for market shares around 65% in terms of agricultural insurance, indicates the CNMA.
By branches, agricultural insurance recorded growth of 11% in 2022 with a production of 1.5 billion Da against 1.4 billion Da in 2021, the automobile branch with a turnover of 9.5 billion of Da (-1%), while the branch “fire and miscellaneous risks” increased by 21% for a turnover of 1.6 billion Da.
With regard to the structure of the agricultural insurance portfolio, 40% of the turnover achieved by the CNMA in this segment comes from plant insurance, 33% from animal insurance while 27% represents the “other agricultural risks” sub-branches. , details the report.
Read also: The CNMA increases its capital to 10 billion DA
The first agricultural insurer in Algeria, the CNMA, which markets various agricultural insurance products, has recently launched a maritime transport insurance product that covers material loss and damage and accidents that happen to insured vessels. These include merchant ships, pilot boats, tugs and barges.
As for the amount of claims declared at the end of 2022, it amounted to 6.2 billion Da, further notes the same source, which adds that the claims settled amounted to 6.4 billion Da, with a total of 200,000 compensated files.
The company is betting as part of its “strategic plan 2020-2024” on the modernization of agricultural insurance products, the establishment and creation of rural mutual credit, in addition to the proposal of social security coverage for the farmer. , the breeder and the fisherman, as well as on digitization and in particular the development of the company’s information system.
As a reminder, the CNMA proceeded during the current year to two increases in its share capital, bringing it to 10 billion DA, that is a total increase of 82%.
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