Algerian insurers call for an increase in motor third party liability rates

motor third party liabilityInsurance companies operating in Algeria are urging the government to raise motor third party liability rates.

According to the Algerian Union of Insurance and Reinsurance Companies (UAR), the pricing of this coverage hasn't been revised for five years despite the increase in the number of road accidents, the price of spare parts, the cost of labor and vehicles.

The annual premium rate is expected to reach 16 500 DZD (120.7 USD) compared to the current 2 165 DZD (15.8 USD).

This underpricing negatively impacts the performance of the motor class of business, a crucial component of the local insurance market.

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