Car insurance: Action taken against rates’ disparities, unbridled competition

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Car insurance: Rates to be unified as of January

“Car insurance rates will be unified as of January 1, 2021,” announced, today, Wednesday, Dec 30, 2020, the Algerian union of insurance and reinsurance companies.

This measure comes following the conclusion of a multilateral memorandum of understanding relating to the management and regulation of the automobile insurance branch, aimed at putting an end to disparities in prices and unbridled competition between insurers.

In this vein, “the memorandum of understanding will enter into force on January 1, 2021,” highlighted the same source.

The agreement concerns all approved insurance companies:

According to the same source, this agreement was signed by all the directors of the insurance companies authorized to operate in the sphere of automobile insurance.

These are: 2A, ALLIANCE, AXA, CAAR, CAAT, CASH, CIAR, CNMA, GAM, SAA, SALAMA and TRUST.

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