Insurance

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.