Algeria: Only 10% of housing is insured against natural disaster
Source: Middle East Insurance Review | Nov 2018
Only 10% of housing in Algeria is covered by insurance against natural disasters, an indication of the absence of insurance culture among Algerians.
“Despite the existence of a law since 2005 requiring home owners to insure against natural disasters, it is noticeable that there is no insurance culture among citizens,” said Mr Nacer Sais, the CEO of the state-owned National Insurance Company (SAA), speaking to Algerian Radio.
He called for awareness campaigns and the need to push citizens to insure their property.
The government had announced the creation of a mandatory earthquake insurance system in the wake of the May 2003 magnitude 6.8 Boumerdes earthquake in Algeria, which killed more than 2,000 people and caused economic losses of an estimated 10% of the country’s GDP. The quake was the strongest to hit Algeria since 1980. M