Insurers claim the increase of motor insurance tariffs

The Algerian union of insurance and reinsurance (UAR) is after an increase of motor third party liability tariff. A bill for an increase of the TPL, supported by all local insurers, will be submitted to the ministry of finance at the beginning of the net term. Hassen Khelifati, chairman of Alliance Assurances, believes that the local motor TPL insurance is one of the least expensive in the world with an average premium of 1500 DZD (19 USD) per vehicle per year. A 100% tariff increase is not enough to make this business profitable, but it would allow insurers to approach the balance point. According to the UAR, for each dinar of premium collected, insurers spend about 4 dinars of claims.