Minister of Finance, Laaziz Faïd, said on Monday in Algiers that the African Insurance Organisation (AIO), whose annual presidency will be held by Algeria, remains one of the most important bodies for joint African action, stressing the need for the insurance sector to provide strong support for economic and social development in African countries.
At the opening of the 49th Conference and Annual General Assembly of the AIO, being held in Algiers under the theme “The contribution of insurance to the challenges of food security in Africa,” the Minister said that “the AIO is one of the most important bodies for joint African action, given its considerable efforts to improve the performance of African insurance markets and to promote the technical and financial standards of this sector, which should provide strong support for economic and social development in African countries, as is the case in several other countries, particularly developed countries.”
The work of the conference would lead to recommendations that could “strengthen the role of the insurance industry in guaranteeing appropriate insurance for the African economy”, he said.
Public authorities in Algeria are preparing a new insurance law to enable the sector to contribute more effectively to economic development, along with improvements to the organization of the national insurance market, said the minister.
The purpose of this measure “is to improve the organization and performance of the insurance market and to enshrine the principle of fair competition between players with a view to promoting the level of this activity and its role in the economic and social fields,” he added.
Source: Algeria Press Service