By Kenza El Rhana
After a strong rebound in 2021, the Moroccan insurance sector returned to its pre-health crisis growth rate in the first half of 2022, with growth of 6.2%. In 2022, the trend is accentuated and Life and Non-life insurance are experiencing growth of 9.5 and 6.1% respectively in the third quarter of 2022.
To support this dynamic, the Insurance and Social Welfare Supervisory Authority (ACAPS) hosted the seminar of the Group of Francophone Insurance Controllers (GCAF) on January 26 and 27, 2023. With the participation of more than 60 countries brought together by a common language, this meeting was an opportunity to take stock of the past year and discuss the prospects for the year 2023.
Organized in Rabat, this meeting, chaired by ACAPS, brought together various French-speaking countries around two main themes: Guarantee Funds and inclusive insurance. It provided an opportunity to discuss best practices in these areas and the latest developments in insurance supervision.
The influence and growth of the Moroccan model
The seminar was initially to welcome 20 countries mixing Africa and the West, but around sixty were finally present. Mainly from Central and West Africa, their presence has shown the influence of the Moroccan model in terms of insurance and financial services. First African market after South Africa and third market in the MENA region, the insurance sector in Morocco is experiencing an increase 3 times greater than that of the national GDP.
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Othmane Khalil Elalamy, President of ACAPS, said at the microphone of the media le360, that the growth rate of the Moroccan insurance sector has increased by 10% for a value of more than 50 billion dirhams. He also reviews the Moroccan experience with regard to solvency estimated according to the risks, the guarantee funds, but also the distribution with more than 2300 intermediaries on the territory.
Financial inclusion, a priority for 2023
With the successful internationalization of Moroccan groups such as Saham, RMA, BMCE Bank or Wafa Assurances, present in more than thirty African countries, the Moroccan insurance target is now turned towards the domestic market. Financial inclusion, i.e. inclusive insurance through microfinance for working classes with limited incomes, should experience significant development in 2023.
Intended mainly for young people, entrepreneurs, populations with specific needs and rural populations, financial inclusion calls for the digitization of the sale of insurance products and the massive use of microcredit. According to Bank Al-Maghrib’s latest report on the National Financial Inclusion Strategy (SNIF), microcredit increased by 5% in 2021 to reach 9 billion dirhams. A trend that is unlikely to reverse.
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