Insurance
From The Report: Morocco 2013
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With a domestic penetration rate of around 2.8% and the volume of premiums having grown 9.2% year-on-year in 2011, Morocco’s insurance market is now the second largest on the continent after South Africa and the third largest in the Arab world after Saudi Arabia and the UAE. With 17 insurers in the country, the domestic market is becoming more competitive and local players are now looking to develop products to reach uncovered segments of the population. Priorities include increasing comprehensive coverage, including life, health and property insurance for the self-employed, while the government has also begun promoting agricultural insurance. With the growth of industries such as construction, real estate and manufacturing, the sector is expected to continue expanding in the medium term.

This chapter includes interviews with Mohammed El Alaoui El Abdallaoui, General Manager, Moroccan Pension Fund; and Moulay Hafid Elalamy, President, Saham Group, and President, CNIA Saada.

Articles from this Chapter

Overview

Expanding the market: Growth expected from new products and foreign expansion
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Over the past decade, Morocco’s insurance market has seen rapid growth and now represents the second-largest market on the continent after South Africa, and the third largest in the Arab world after Saudi Arabia and the UAE. The domestic penetration rate, or total premiums as a percentage of GDP, is around 2.8%, up from 2.3% in 2010, and several new avenues offer opportunities for growth. The domestic market is becoming more competitive, pushing local insurers to develop products to reach uncovered…

Interview

OBG talks to Mohammed El Alaoui El Abdallaoui, General Manager, Moroccan Pension Fund (Caisse Marocaine des Retraites, CMR)
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Interview: Mohammed El Alaoui El Abdallaoui How do demographic trends affect the need to reform the pensions system? MOHAMMED EL ALAOUI EL ABDALLAOUI: The retirement system in Morocco is strongly inspired by the Bismarckian system and aimed exclusively at organised groups in the public and private sectors. As a result, only about one-third of the population is covered. There are four main funds, of which two cover the private sector: the CNSS for basic coverage and the CIMR for complementary coverage.…

Analysis

Staking a claim: Foreign direct investment helps to spur sector expansion
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With the second-largest insurance market in Africa, Morocco has attracted considerable foreign involvement in the sector. Annual levels of foreign direct investment (FDI) have varied widely, from Dh21.4m (€1.90m) in 2007 to Dh451.6m (€40.1m) in 2009, and back down to Dh301.9m (€26.8m) in 2010. And yet, foreign companies have an established presence on the domestic market. Axa Assurance Maroc was created in 2000 through a merger between the French company’s local subsidiary, Axa Al Amane,…

Interview

Setting standards: OBG talks to Moulay Hafid Elalamy, President, Saham Group, and President, CNIA Saada
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Interview: Moulay Hafid Elalamy What are the fiscal incentives in the 2011-15 Programme Contract for the insurance sector? MOULAY HAFID ELALAMY: Developing the insurance sector can be a good means to an end in terms of increasing liquidity rates. The tax regime is an important lever in this respect, as fiscal incentives can help drive long-term savings. Fiscal incentives are a very efficient way for the government to focus insurance companies’ resources on non-listed stocks. To achieve this,…