Insurance
From The Report: Morocco 2018
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Already the leading insurance market in North Africa, as well as a major force in the African market, Morocco’s insurance industry continues to see growth and large-scale regulatory reform, with the foundation of an Islamic insurance segment as well as new forms of compulsory insurance. Factors such as the emergence of the kingdom’s middle class, growing awareness of insurance, remote sales of coverage and the imminent launch of takaful (sharia-compliant insurance) firms should help to sustain expansion rates in excess of GDP growth over the medium to long term. Coupled with growing industry interest in building a wider Moroccan presence in the sub-Saharan African market, these developments will assist in raising sector penetration and further consolidate Morocco’s status.

This chapter contains interviews with Ali Harraj, President, Wafa Assurance; and Youssef Fassi Fihri, CEO, Société Centrale de Réassurance.

Articles from this Chapter

Overview

Building on its strengths: A series of innovative reforms should continue to spur growth
OBG
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The Moroccan insurance market has seen rapid growth and large-scale regulatory reform with the foundation of an Islamic insurance sector as well as new forms of compulsory insurance. The kingdom is already the best-developed insurance market in North Africa, as well as a major force in the African market, and these changes – together with plans to liberalise distribution regulations – should help to underpin further sector development in the years to come. PREMIUMS GROWTH: The Moroccan…

Overview

Building on its strengths: A series of innovative reforms should continue to spur growth
OBG
plus

The Moroccan insurance market has seen rapid growth and large-scale regulatory reform with the foundation of an Islamic insurance sector as well as new forms of compulsory insurance. The kingdom is already the best-developed insurance market in North Africa, as well as a major force in the African market, and these changes – together with plans to liberalise distribution regulations – should help to underpin further sector development in the years to come. PREMIUMS GROWTH: The Moroccan…

Interview

Steady growth: Ali Harraj, President, Wafa Assurance, on the expanding range of opportunities in the insurance sector
OBG
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Interview:Ali Harraj How do you evaluate the performance of the Moroccan insurance sector in 2016? ALI HARRAJ: The performance was extraordinary that year. There was an overall growth in the country’s Dh35bn (€3.2bn) insurance market of around 15.5%, which is one of the highest growth rates for the sector in the last 10 years. Compared to an overall GDP growth rate of 1.2% in 2016, no sector of the Moroccan economy evolved at such a rapid pace. This subsequently led to a considerable…

Interview

Steady growth: Ali Harraj, President, Wafa Assurance, on the expanding range of opportunities in the insurance sector
OBG
plus

Interview:Ali Harraj How do you evaluate the performance of the Moroccan insurance sector in 2016? ALI HARRAJ: The performance was extraordinary that year. There was an overall growth in the country’s Dh35bn (€3.2bn) insurance market of around 15.5%, which is one of the highest growth rates for the sector in the last 10 years. Compared to an overall GDP growth rate of 1.2% in 2016, no sector of the Moroccan economy evolved at such a rapid pace. This subsequently led to a considerable…

Interview

New avenues: Youssef Fassi Fihri, CEO, Société Centrale de Réassurance (SCR), on the transformation and diversification of African reinsurance
OBG
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Interview:Youssef Fassi Fihri How would you evaluate the performance of the Moroccan reinsurance industry? YOUSSEF FASSI FIHRI: While the Moroccan insurance sector has been performing very well, the performance of the reinsurance industry in 2016-17 was rather poor. This is mainly because the vast majority of Moroccan insurers have moved from contract to excess treaties. Consequently, it is in the insurer’s interest to maintain more risk. For example, higher risk for life, motor or property…

Interview

New avenues: Youssef Fassi Fihri, CEO, Société Centrale de Réassurance (SCR), on the transformation and diversification of African reinsurance
OBG
plus

Interview:Youssef Fassi Fihri How would you evaluate the performance of the Moroccan reinsurance industry? YOUSSEF FASSI FIHRI: While the Moroccan insurance sector has been performing very well, the performance of the reinsurance industry in 2016-17 was rather poor. This is mainly because the vast majority of Moroccan insurers have moved from contract to excess treaties. Consequently, it is in the insurer’s interest to maintain more risk. For example, higher risk for life, motor or property…