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.