Algeria: CAAR to launch cyber insurance products
Source: Middle East Insurance Review | Jan 2023
Compagnie Algerienne d’Assurance et de Reassurance (CAAR) said that it is currently working on the launch of new services in the fight against cyber risks as the use of technology increases among businesses in the country.
In a statement, CAAR CEO Hadj Mohamed Seba said, “Given the trend among the majority of companies in using new technologies and adopting digital platforms in their activities, CAAR has decided to develop new insurance products to provide protection against the various risks that threaten them.”
He also pointed to the expected launch of other insurance products targeting professionals in the agricultural sector.
CAAR expects to achieve “a significant growth rate in the current year, similar to that of 2021 when it achieved a growth rate of more than 9%, i.e., twice the growth rate of the national insurance market over the same period,” he said. The company achieved a turnover of more than DZD16bn ($115.8m) in 2021.
CAAR holds the largest share of the Algerian insurance market in terms of corporate customers, including a market share of 15% in industrial risk insurance and 32% in the transport branch.
Mr Seba also made the case for the provision of digital platforms to all the company’s agencies for motor insurance management. This has helped to reduce processing time.
CAAR has a distribution network covering all the wilayas of the country, comprising 93 direct agencies, 63 indirect agencies, 140 bancassurance outlets and 40 other intermediaries. M