The biggest insurer in Algeria, National Insurance Company (SAA) and the state-owned commercial bank CNEP-Banque have signed an agreement relating to comprehensive insurance for buses financed under the Public Passenger Transport (TPV) loan programme, according to a joint statement released by the two parties.
SAA and CNEP-Banque launched an integrated insurance offer with preferential conditions for the benefit of public passenger transport operators acquiring buses under long-term loans. The offer includes preferential pricing, reduced subscription times, and priority and accelerated processing of claims with SAA networks, to enable the rapid return of vehicles to circulation and limit business interruptions.
The initiative supports a drive by the public authorities to renew the national fleet of public passenger transport vehicles, targeting vehicles aged 25 years and over.
Through the agreement, SAA aims to expand the distribution of its insurance products through the banking network, while CNEP-Banque intends to consolidate its credit offering for businesses and professionals in passenger transport.
In August, transport authorities began implementing measures to gradually withdraw the oldest buses from service, starting with passenger transport vehicles aged 30 years or older. At the same time, six public banks have launched a new financing formula for public passenger transport professionals, allowing the latter to acquire new buses via a bank loan covering up to 90% of the total cost of the vehicle.