Algeria: Merger of 2 state-owned insurance-related entities will strengthen local expertise pool
Source: Middle East Insurance Review | Oct 2018
Two Algerian government-owned loss adjusting firms, the Algerian Society of Automotive Technical Expertise and Control (SAE-EXACT) and Société Expertise Algérie (EXAL), will merge to create an expertise group, Mr Nacer Sais, CEO of the National Insurance Company (SAA), has announced.
SAE-EXACT is a subsidiary of SAA, while EXAL is owned by Algerian Insurance Company (CAAT), Algerian Insurance and Reinsurance Company (CAAR) and Compagnie Centrale de Réassurance (CCR).
The major objective of this merger is to focus on segments over which local insurers do not currently control, notably oil and gas, aviation, and marine.
If Algeria could develop its own expertise in these strategic segments, the country will be much less dependent on foreign expertise, said CAAT CEO Youcef Benmicia.
At present, local expertise is non-existent in important segments such as the energy sector, said Mr Sais. Whenever there are problems with oil or gas drilling or industrial accidents, the country always relies on international experts. He pointed out that the expertise of local insurance entities is limited currently to the automotive field and that it is imperative that this is developed in other areas. M