The Moroccan insurance sector improved its profitability in 2023, achieving a net profit of MAD4.5bn ($448.4m), an increase of 5.8% over 2022, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
Fraud in the motor insurance branch is estimated to cost insurers 4% to 5% of overall turnover in Morocco's insurance sector.
The rise in uncertainty in the world is putting a strain on the insurance industry, and the industry must modernise to face this mounting uncertainty, according to Moroccan Insurance Federation chairman Mohamed Hassan Bensalah.
Paris-headquartered Societe Generale (SG), the French financial services giant, has announced that it had reached an agreement to sell its Moroccan subsidiary to financial group Saham, for EUR745m ($793m).
The insurance market in Morocco achieved total premiums of MAD56.7bn ($5.6bn) in 2023, an increase of 4% over 2022, according to annual industry data released by the Insurance and Social Security Supervisory Authority (ACAPS).
Wafa Assurance, a leading insurer in Morocco, has posted a consolidated turnover of MAD12,724m ($1,266.4m) for 2023, an increase of 9.3% compared to 2022.
Premiums generated by (re)insurance companies stood at MAD57bn ($5.7bn) in 2023, up by 4.6% compared to 2022, according to data from the Insurance and Social Welfare Supervisory Authority.
The Government Council has passed a draft decree that contains provisions concerning the determination of the maximum duration of a disaster depending on its nature, as well as to consider any event occurring after this period as a new disaster, in line with international standards.
The General Directorate of National Security (DGSN), the Insurance and Social Security Control Authority (ACAPS), the National Commission for the Control of the Protection of Personal Data (CNDP) and the Moroccan Federation of Insurance (FMA) have jointly signed an agreement for the use by the insurance sector of the national trusted third-party service developed by the DGSN.
Takaful insurance in Morocco faces significant challenges that hinder its development, according to a recent analysis by the market research firm, BMCE Capital Global Research (BKGR).