Algeria: Insurance rules under scrutiny to increase uptake of Nat CAT cover

Source: Middle East Insurance Review | Mar 2022

Working groups from the Algerian Union of Insurance and Reinsurance Companies (UAR) and the Central Reinsurance Company are reviewing regulations governing the Nat CAT insurance system.

The goal is to put in place a new institutional mechanism to promote Nat CAT insurance, according to UAR president Youcef Benmicia. It is to put an end to rampant non-compliance with this insurance requirement by almost all households, companies and entrepreneurs.

At present, only 12% of real estate held by individuals are covered by Nat CAT insurance, that is “struggling to become widespread, despite its compulsory nature”, Mr Benmicia told Revue de l’Assurance, a publication of the insurance regulator, the National Insurance Council.

He said that the same observation can be made of traders and entrepreneurs, the majority of whom do not buy Nat CAT insurance for their properties. M

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