The motor business is dragging insurers down to the red zone

Amara Latrous, chairman of the Algerian Union of Insurance and Reinsurance Companies "UAR" confirmed in early November that the results of the motor business are weighing down insurers’ accounts.

Out of the 35 billion DZD (472 million USD) of losses paid by insurers, 26 billion DZD (350 million USD) are accounted for by the motor class.

The tariffs imposed by the government for this class of business do not allow balanced accounts, which results in losses of 1.3 billion DZD (17.5 million USD) for insurers.

Results in other classes of business are not good enough to offset the losses. The market is requesting a tariff increase from the ministry of finance.