Insurance
From The Report: Morocco 2016
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Already the largest and most developed in North Africa, the Moroccan insurance market is currently undergoing a range of reforms aimed at cementing its stability and further boosting premiums growth. While the life segment appears to be growing faster than non-life given its lower penetration rate, auto insurance can expect to see significant expansion as car ownership levels continue to rise. Plans to launch takaful (Islamic insurance) products and relax restrictions on distribution should further support continued growth in the coming years. Moroccan firms’ expansion drive in Africa is also set to continue, cementing the kingdom’s status as one of the continent’s major insurance players.

This chapter contains an interview with Hassan Boubrik, Chairman, Supervisory Authority of Insurance and Social Welfare.

Articles from this Chapter

Overview

Going strong: New acquisitions and a strong base are pushing growth
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Already the largest and best developed in North Africa, the Moroccan insurance market is currently undergoing a range of reforms aimed at cementing its stability and further boosting premiums growth. These should soon see the launch several new products, as well as allowing firms to more easily build up their distribution networks, among other changes. Moroccan firms are also continuing to expand abroad and into sub-Saharan African in particular, transforming the kingdom into a regional centre. Premiums Total…

Interview

Step by step: OBG talks to Hassan Boubrik, Chairman, Supervisory Authority of Insurance and Social Welfare (ACAPS)
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Interview:Hassan Boubrik What are the practical benefits of the creation of an independent insurance regulator? HASSAN BOUBRIK: ACAPS aims to meet the best international standards in terms of organisation and governance, with enhanced financial and human resources. The board of the authority is mainly independent and includes a representative of the minister of economy and finance, the chairman of the supervisory authority of capital markets, a judge from the high court and three independent…

Analysis

Making changes: Reform of the pension system has generated much debate
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The national pension system is undergoing a change after both houses of parliament approved reforms in mid-2016 that will see the retirement age for public sector workers rise in order to keep the main pension fund on an even footing. Recent regulatory reforms in the insurance industry will also increase opportunities to sell complementary products for insurance firms, though sector figures say they do not anticipate becoming major pension providers. Pension System The kingdom’s pension system…