Algeria – 3rd motor insurance price increase
Thursday, 01 04 2018, Category: Insurance and Reinsurance, Country: Algeria
With the stat of the first day of year 2018, private and public Algerian insurance companies applied the third increase in motor insurance prices i.e. what is known at Third Party liability. The increase is equivalent to 5% or 300 Dinars on every contract. However, the remaining 5% future increase out of the 20% total price increase expected will be implemented officially in the next month of July of the current year.
Therefore, the motor insurance price increase has been gradual. The first two phases happened in January and July of year 2017, so prices rose by 10% equivalent to 600 Dinars for every contract in order for total prices. Therefore, the total insurance price increase will reach 1200 Dinars after the fourth increase of 5% that will take place. However, motor insurance policyholders were shocked by these increases.