Economy & Politics

Algeria: towards the creation of a new COVID-19 insurance policy

The actors of the Algerian insurance sector, together with the public authorities, looked at the creation of a new COVID-19 insurance policy on Wednesday, November 25 in Algiers. The main objective of this initiative is to support policyholders (companies, entrepreneurs, etc.) hit hard by the coronavirus crisis.

With this in mind, the Algerian Union of Insurance Companies (UAR) has created a think tank made up of skills in the sector. The stakeholder will be tasked with studying the possibility of creating cover for health disasters of the Covid-19 type. During these meetings, professionals in the sector were unanimous that this kind of health disaster must be foreseen in the future to avoid devastating socio-economic effects.

Insurers now have an obligation to put in place a device or a scheme that can reduce the shock wave, on traders, businesses and even employees. For the president of the UAR, Youcef Benmicia, “it will also be a question of drawing inspiration from the system set up in Algeria for the coverage of Cat-Nat, with a view to pooling the costs of taking charge of such risks. , which insurance companies cannot pay on their own ”.

During the installation of this working group, the actors provided strategic directions, particularly with regard to the practices followed at the international level. The actors have agreed that they will make a proposal to the public authorities at the end of this conclave. The insurance sector, which is deeply feeling the effects of the COVID-19 pandemic (down 14%, all activities combined in the second quarter of 2020), needs a boost from the authorities.

This support will not only enable it to resume growth but also to support its customers (hotels, restaurants, operators, etc.) who are on the brink of the abyss.

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