CAAT: seminar on the challenges facing the insurance market

The Compagnie Algérienne des Assurances (CAAT) organized a "Partner Day" seminar in Algiers on 19 February 2024, under the theme "Insurance: meeting the challenges of ongoing economic change".

Partners and international experts came together to discuss key topics including risk management, optimizing insurance programs, reinsurance market trends, emerging risks and their economic impact.

Climate change risks are increasingly becoming a source of major concern for insurers and reinsurers. Between 2021 and 2023, Algeria had incurred losses worth 200 million USD due to natural disasters. The material damage and human losses include the destruction of 450 homes and hundreds of fatalities.

Cybercrime and global geopolitical developments also figure among the biggest threats to the economic and insurance sectors.

To meet these challenges, speakers proposed a number of solutions, including improving insurance products, raising rates and developing a national strategy for anticipating and combating risks.