Algeria: Insurers to offer cyber risk cover

Source: Middle East Insurance Review | Dec 2016

Insurance companies will soon offer cyber insurance products in Algeria, according to the President of the Algerian Union of Insurance and Reinsurance Companies (UAR), Mr Brahim Djamel Kessali.

"We have initiated discussions on offering insurance products for cyber risks, including cyber attacks, in order to better protect businesses," he told Algerian Press Service.

Businesses operating in different sectors are today affected by cyber risks, hence the need to quickly offer them tailored insurance products to reduce financial losses that might result from such risks, he added.

The insurance industry will build on the experiences of countries, that have set up cyber insurance, in order to define and model the risk and propose products with appropriate pricing, he said.

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