Decreasing bancassurance policies in 2010

The Direction de l’Assurance et de la Prévoyance Sociale, the supervisory authority, has said that bancassurance activities are declining for the second consecutive year. The volume of the premiums written has fallen by 0.5% in 2010 when it had already gone down by 6.5% in 2009. This trend is accounted for by the decline of operations in life and capitalization segments by 0.82% at 4 113.77 million MAD (485 million USD) in comparison with 4 147 million MAD (529 million USD) in 2009. Bancassurance accounts for 61.77% of life insurance compared to 62.43% a year earlier. The decrease comes at a time when the number of bank agencies is rising. This fall is accounted for by the increase in the number of capitalization products competing with insurance.