The French Cardif starts its activity in Algeria
Considered as the first foreign insurance company
Monday Mar 12 2007.
French insurance company Cardif, a subsidiary of the National Bank of Paris BNP Paribas, has announced yesterday that it has officially begun to work in the Algerian market after it got the licence from control organism concerning marketing insurance contracts on people.
A statement released by the French Company has mentioned that the company is starting the marketing of insurance products for the loaners through the company Cardif El-Djazair in coordination with the partner Cetelem which is a subsidiary of BNP Paribas. The same statement affirmed that according to promotion’s pattern based on multiplicity of partners Cardif could set up partnership with great banks and financial bodies as well as companies of loans and distribution besides accompanying its partners in order to boost up their international activity.
The French Company disclosed that activities’ direction has been attributed to Mr. Olivier Cortes who was charged of relations with institutions of insurance organising in BNP Paribas insurance subsidiary, this official has disclosed that Algeria numbering 33 million populations represents the first market in Arab Maghreb, it is characterized by the fast economical growth and the coming of foreign financial operators, however the intensity rate regarding insurance remains weak limited to 5.6%.We mention that Cardif subsidiary is the first one of its kind in South of Mediterranean basin.
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