Moroccan insurance supported by the life class of business

According to the company Upline Securities, the regulatory measures recently introduced by the regulators in order to strengthen the insurance market will bear their fruits in 2016. The review of the legislative framework in connection with the distribution of insurance products, the establishment of new solvency principles and the adoption of legislation specific to Islamic insurance along with the announcement of new compulsory insurance schemes will have a positive impact on the growth of the market. This is all the more expected with penetration rate set at 3.14%, featuring an important potential.

The life insurance is poised to make the best of the situation. This sector had already progressed during the first half of 2015 with a premium volume which jumped by 13.9% at 5.23 billion MAD (540 million USD). This trend is likely to remain in 2016.

Growth in the non life class of business was less prosperous with a 3.2% rate at 11.54 billion MAD (1193 million USD) over the same period. The slack growth of Moroccan economy, especially in the sectors of construction, public works, real estate, transport and energy has curtailed insurance development.


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