Algeria – Settling motor traffic claims within 45 days
Tuesday, 08 09 2016, Category: Insurance and Reinsurance, Country: Algeria
Mr. Hassan Khelifati Vice President of the Algerian Union of Insurance and Reinsurance Companies revealed that a new agreement has been made among insurance companies in order to settle claims within 45 days as a maximum in case the claim is below 150 thousand Dinars. He added that insurance companies, which signed the agreement, would have to implement it starting from the next month of September. Mr. Khelifati clarified to “Ennahar” that the agreement was signed by Algerian insurers, indicating that this agreement will define the claim settlement method when a motor accident occurs. Claims will have to be settled within 45 days in case the amount is lower than 150 thousand Dinars. However, if the claim amount exceeds 150 thousand Dinars, the insurance company will have to settle the claim within a maximum of 60 days in order to improve the image of the insurance market in Algeria.