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Insurers hit hard by conglomerate crisis

Algeria insurance

Hassan Khelifati, vice president of the Algerian Union of Insurance and Reinsurance Companies, said that the crises hitting major industrial groups have hurt local insurers, Middle East Insurance Review reports citing media sources. Eleven industrial groups owe around 20 billion Algerian dinars ($166 million) to Algerian insurers. Mr. Khelifati said that the debt could depress activity in the local insurance sector.

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