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Dec 2021

Algeria: Microcredit agency says insurance to be made mandatory for borrowers

Source: Middle East Insurance Review | Oct 2021

Insurance will be made compulsory for those who take out microloans, according to National Microcredit Management Agency director-general Abdel Fateh Djebnoune.
 
An understanding has been reached between the Ministry of National Solidarity, Family and Women’s Affairs and insurance companies to encourage the culture of insurance and protect borrowers, Mr Djebnoune told Radio Algeria.
 
Laws will be revised to make insurance compulsory especially since the number of microloans granted is estimated at more than 950,000 from the establishment of the agency in 2005 to the end of June 2021. Nearly two-thirds (63.59%) of the microcredits were extended to women. So far, insurance is optional, Mr Djebnoune said.
 
He highlighted the importance of insurance in rebuilding and recovery in the event of disasters, such as the recent fires that affected several states, as well as protecting entrepreneurs from civil liability in the event of work accidents. M 
 
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