Algeria – Private Companies Lack Culture of Insurance
Monday, 05 18 2015, Category: Insurance and Reinsurance, Country: Algeria
Chairman and General Manager of Caraama Insurance Company stated that there is a significant lack of insurance culture in private institutions and among individuals compared to the amount of money being made.
During a school day in Constantine in partnership with the Chamber of Commerce and Industry, a company official in “Caraama”, which is a subsidiary of Compagnie Algérienne d'Assurance et de Réassurance (CAAR), revealed that insurance coverage for individuals doesn’t receive much attention from institutions or individuals despite the social security it provides for them and their families.
The spokesman added that the goal of the program in the school day was to enhance and develop private institutions’ knowledge regarding insurance for individuals and to give an overview of the main benefits his company provides for insureds. He also mentioned that Algerians’ reluctance to buy individuals insurance is due to the evasion of payments or the financial weakness of some companies.