Algeria: Cagex launches two credit insurance products

Apr 07, 2011

The Algerian company of insurance and export guarantee (CAGEX) has announced it will launch two new credit insurance products for exports and investment in 2011.

CAGEX Commercial Director Akli Saïm told APS news agency on March 31st that the first product is aimed at banks and will focus on documentary credit operations.

The second relates to the insurance of foreign investments in Algeria and Algerian investments abroad.

Mr Saïm
added that the technical and administrative preparations before the launch of these products are currently in process.

The global amount covered by CAGEX to insure and guarantee exports exceeded 40 billion dinars (€388 million) in 2010, La Tribune newspaper reports.

The Algerian insurance sector's turnover in 2010 was around 79 billion dinars, a six per cent increase compared with 2009, according to figures from the National Insurance Council.