Subsidiary company of BNP Paribas assurance established in the country in 2006, Cardif Algérie has signed a partnership agreement with the Caisse Nationale d'Epargne et de Prévoyance (CNEP). The deal provides for the marketing of Cardif bancassurance products through the distribution network of CNEP, which has 206 agencies around the country.
In the first stage, the offer shall be limited to the cover of the risks pertaining to life, disability, and incapacity of bank borrowers before it is extended to pension and saving products, damage insurance products related to mortgage credits and to homeowners'.
According to the terms of the agreement, Cardif shall disburse to CNEP a commission on premium collection and a share in the profits achieved. The agreement also caters for the training of CNEP's sales team as well as assistance with informatics. On a longer term, a joint venture is envisaged between the two partners.
