The Société Algérienne des Assurances (SAA) and the Compagnie d’Assurances des Hydrocarbures, (CASH) have come to an agreement of commercial cooperation which includes the terms of a fair competition over industrial risks.
This agreement is made up of three aspects. The first governs the rules of customer transition from one company to another, whereby customers can no longer move from one company to another before clearing their financial situation in the former company. The second aspect of the agreement prohibits each insurer from proposing tariffs that are lower than the ones offered by the competitor with regard to corporate risks. The last part of the agreement stipulates that consultation of both partners shall be mandatory for investment in the reinsurance of major risks.
SAA and CASH are keen on extending this cooperation to other insurance companies operating on the market.
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