Insurance

Morocco’s insurance market has become more competitive in recent years. It is now Africa’s second-largest insurance market in terms of penetration after South Africa and the third-largest in the Middle East and North Africa after Saudi Arabia and the UAE. Total premiums in 2012 reached €2.3bn, up 8.9% on the previous year. Non-life premiums – thanks to automobile coverage – continued to dominate, representing some 66% of the market in 2012 at a value of Dh17.19bn (€1.5bn), compared to Dh8.84bn (€785m) for life premiums. Growth continued in 2013, with provisional data indicating that premiums for the first six months of the year totalled €1.3bn, up 3.1% over the same period in 2012. The insurance market is expected to continue to expand in the medium to long term, in line with growth in sectors such as construction, real estate and manufacturing. In the meantime, the industry will carry on developing new products and new ways to access segments of the population that are still uninsured. This chapter contains an interview with Mohamed Hassan Bensalah, President, Moroccan Federation of Insurance and Reinsurance Companies.