Control over companies' reinsurance

In 2015, approximately 3 billion MAD (298 million USD) of premiums were ceded by Moroccan insurers to reinsurers, mainly foreign ones. This amount accounts for 10% of the turnover reported by the industry compared to 9.3% one year earlier.

The classes of business that make the most recourse to reinsurance are engineering with 71% in ceded premiums, fire with nearly 50% in ceded premiums as well, followed by third party liability and marine insurance.

In order to limit cessions abroad, ACAPS (the insurance and welfare supervisory authority) will henceforth oversee the conditions of reinsurance premiums' cessions, firmly countering any fronting operations.

More news:

• Maghreb insurance news