Magazine date:
Nov 2009 Since 2005, Moroccan banks have invaded the insurance market, a successful move according to the Oxford Business Group, since 50% of life insurance policies are being marketed by bancassurance, which accounts for 15% and 20% of the market's overall premiums. Today, banks are duplicating agencies in order to strengthen their position.
Insurers are taking advantage of this trend benefiting from the networks of their banking partners and from their resources as regards marketing. That is particularly the case of Attijariwafa Bank with Wafa Assurance and of BMCE with RMA-Watanya. A year after the arrival of bancassurance at Wafa, life insurance premiums jumped by 134% in 2006 while turnover grew by 47% during the same period.