Algeria
CAAR Agence
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Finance & Law
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Description
CAAR is the oldest insurance company in Algeria. Indeed, it was created the day after independence in 1963 as an Insurance and Reinsurance Fund. It was responsible for legal transfer in order to allow the Algerian State to control the insurance market.
Subsequently, the various phases of restructuring of the Algerian market (monopoly, functionarization of the network, specialization, creation of the Central Reinsurance Company - CCR, creation of the Algerian Insurance Company - CAAT) determined the activities and specialties of the CAAR mainly in industrial risk management.
In this context, the provisions of the new insurance law aim to ensure the conditions of a market promoting real growth and controlled activity through the following axes:
The stimulation of the activity by the diversification of insurance products with in particular the promotion of personal insurance, but also the diversification of the modes of distribution of products with the possibility given to insurance companies to distribute their products through of the banking network.
The strengthening of financial security and governance of insurance companies, with the requirement for players of good financial solidity and quality management, as well as through measures to safeguard the interests of policyholders.
The reorganization of insurance supervision with the institution of the Insurance Supervisory Commission responsible for monitoring insurance and reinsurance activity.
To control the insurance market through legal assignment
State monopoly on insurance operations.
When its transport insurance portfolio was sold to CAAT in 1985
Since its creation, more than fifty years ago, CAAR has had to assume multiple missions which can be summarized, among others:
The transition to the autonomy of public enterprises as well as all of the economic reforms carried out since then have had repercussions on the insurance sector, among which we should mention in particular:
The lifting of specialization, with as direct implication, competition between the different operators.
The disengagement of the State from the management of public enterprises with all aspects related to the autonomy of the enterprise.
The release of the activity and the opportunities offered to the private sector to exercise in the insurance sector.
CAAR, in accordance with the approval obtained from the Ministry of Finance, has been authorized to practice all insurance operations including reinsurance.
In 2011, the Algerian insurance sector knew a new phase of its development with the law 06-04 which had given a period of five years to separate personal insurance from damage insurance: this is how CAARAMA assurances was born. With a capital of one billion dinars, the subsidiary was approved on March 09, 2011.
Today, and despite the competition and the vagaries of the market, CAAR has not only been able to maintain its status as a leader in industrial risk but also to increase its market share, thanks to a studied distribution of its portfolio: in fact, our market share increased from 11% in 2004 to 16% in 2012.
CAAR ranks second in terms of turnover and first place in terms of results.
Our Company intends to continue its development policy in order to mark with a gold seal its contribution in the evolution of the insurance sector of the country as well as its economy.
Subsequently, the various phases of restructuring of the Algerian market (monopoly, functionarization of the network, specialization, creation of the Central Reinsurance Company - CCR, creation of the Algerian Insurance Company - CAAT) determined the activities and specialties of the CAAR mainly in industrial risk management.
In this context, the provisions of the new insurance law aim to ensure the conditions of a market promoting real growth and controlled activity through the following axes:
The stimulation of the activity by the diversification of insurance products with in particular the promotion of personal insurance, but also the diversification of the modes of distribution of products with the possibility given to insurance companies to distribute their products through of the banking network.
The strengthening of financial security and governance of insurance companies, with the requirement for players of good financial solidity and quality management, as well as through measures to safeguard the interests of policyholders.
The reorganization of insurance supervision with the institution of the Insurance Supervisory Commission responsible for monitoring insurance and reinsurance activity.
To control the insurance market through legal assignment
State monopoly on insurance operations.
When its transport insurance portfolio was sold to CAAT in 1985
Since its creation, more than fifty years ago, CAAR has had to assume multiple missions which can be summarized, among others:
The transition to the autonomy of public enterprises as well as all of the economic reforms carried out since then have had repercussions on the insurance sector, among which we should mention in particular:
The lifting of specialization, with as direct implication, competition between the different operators.
The disengagement of the State from the management of public enterprises with all aspects related to the autonomy of the enterprise.
The release of the activity and the opportunities offered to the private sector to exercise in the insurance sector.
CAAR, in accordance with the approval obtained from the Ministry of Finance, has been authorized to practice all insurance operations including reinsurance.
In 2011, the Algerian insurance sector knew a new phase of its development with the law 06-04 which had given a period of five years to separate personal insurance from damage insurance: this is how CAARAMA assurances was born. With a capital of one billion dinars, the subsidiary was approved on March 09, 2011.
Today, and despite the competition and the vagaries of the market, CAAR has not only been able to maintain its status as a leader in industrial risk but also to increase its market share, thanks to a studied distribution of its portfolio: in fact, our market share increased from 11% in 2004 to 16% in 2012.
CAAR ranks second in terms of turnover and first place in terms of results.
Our Company intends to continue its development policy in order to mark with a gold seal its contribution in the evolution of the insurance sector of the country as well as its economy.
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