Morocco
Insurance market in 2002
Features
- Written Premiums: 1.2 million USD (Non life: 796 million USD / Life: 406 million USD)
- 2nd African insurance market after South Africa; 2nd Arab market after Saudi Arabia.
- Insurance density: 38.78 USD (Non Life: 25.68 USD / Life: 13.10 USD)
- Insurance penetration rate: 2.81%
- Growth rate 2001 to 2002: 12.1%
- Number of insurance companies: 14
- Number of reinsurance companies: 1
The Market in figures
Turnover structure in 2002
in thousands USD| Premiums | Market share | Global share | |
|---|---|---|---|
| Life Insurance | |||
Group | 233 357 | 57.50% | 19.42% |
Personal Accident | 171 486 | 42.25% | 14.27% |
Acceptances | 933 | 0.23% | 0.08% |
Others | 69 | 0.02% | 0.01% |
Total life | 405 845 | 100% | 33.77% |
| Non life insurance | |||
Motor | 410 531 | 51.58% | 34.16% |
Bodily injury | 137 011 | 17.22% | 11.40% |
Workmen's compensation | 90 951 | 11.43% | 7.57% |
General Third Party Liability | 19 304 | 2.43% | 1.61% |
Marine | 57 340 | 7.21% | 4.77% |
Fire | 59 867 | 7.52% | 4.98% |
Engineering | 9 928 | 1.25% | 0.83% |
Others | 9 709 | 1.22% | 0.81% |
Acceptances | 1 194 | 0.15% | 0.10% |
Total Non life | 795 835 | 100% | 66.23% |
Grand Total | 1 201 680 | 100% | 100% |
Turnover in 2002 by company
in thousands USD| Non life turnover | Life turnover | Global turnover | ||||
|---|---|---|---|---|---|---|
| Companies | Premiums | Share | Premiums | Share | Premiums | Share |
Axa Assurance Maroc | 137 353 | 17.26% | 90 660 | 22.34% | 228 013 | 18.97% |
Wafa Assurances | 105 217 | 13.22% | 89 132 | 21.96% | 194 349 | 16.17% |
Al Wataniya | 117 587 | 14.78% | 54 045 | 13.32% | 171 632 | 14.28% |
Royale Marocaine d'Assurances | 74 285 | 9.33% | 37 407 | 9.22% | 111 692 | 9.29% |
CNIA | 43 897 | 5.52% | 47 865 | 11.79% | 91 762 | 7.64% |
Atlanta | 55 165 | 6.93% | 17 730 | 4.37% | 72 895 | 6.07% |
Sanad | 54 267 | 6.82% | 6 217 | 1.53% | 60 484 | 5.03% |
Essaada | 53 028 | 6.66% | 4 562 | 1.12% | 57 590 | 4.79% |
CAT | 55 422 | 6.96% | 0 | 0.00% | 55 422 | 4.61% |
Marocaine Vie | 3 615 | 0.45% | 45 005 | 11.09% | 48 620 | 4.05% |
Zurich | 34 069 | 4.28% | 6 505 | 1.60% | 40 574 | 3.38% |
MCMA | 19 428 | 2.44% | 6 717 | 1.66% | 26 145 | 2.18% |
MAMDA | 23 206 | 2.92% | 0 | 0.00% | 23 206 | 1.93% |
MATU | 19 296 | 2.42% | 0 | 0.00% | 19 296 | 1.61% |
Total | 795 835 | 100% | 405 845 | 100% | 1 201 680 | 100% |
Main events in 2003
- Publication of a new insurance code «Dahir October 3, 2002»
- Reform of the Moroccan Interprofessional Retirement Fund (CIMR).
- Legalization of the bancassurance
- Announcement of the RMA-Al Wataniya merger, which will set up the first Moroccan insurance group
- Revision of the law regulating work accidents by implementing an employer's liability insurance and increasing victims' compensation.
Presentation of the new insurance code
The Insurance Code adopted by the Dahir on October 3, 2002 and published in the Official Bulletin, November 7, 2002, consists of 5 parts. Below are the main provisions and alterations contained in the Code:
Book One: Insurance contract
- Obligation to inform the insured, prior to the underwriting
- Unless otherwise agreed, premium shall be paid at policy underwriting
- The insured has 10 days to pay the premium
- The provision excluding coverage of the suicide risk during the first two years of the policy is cancelled
- In terms of life insurance, the insured has a 15 day reflection delay
- Possibility to write variable capital life policies (accounting units)
Book Two: Mandatory Insurances: Motor insurance
- The mandatory third party liability insurance is no longer unlimited; the code provides for a minimum coverage
- Passengers that are family members are considered «third party»
- The insurance paper no longer represents a proof that the insured has paid the premium, but is only a presumption of payment.
Book Three: Insurance and Reinsurance Companies
- The minimum capital base is 50 million MAD (5.3 million USD)
- the authorities may require a larger amount
- the capital must be hold in cash
- shares must be registered
- The authorities can ask for an audit and an audit report at any moment.
- A consultative Insurance Committee is set up to provide recommendations for the insurance authority and/or its members.
Book Four: Insurance Procedures
- The broker must be a moral person
- An agent can represent two companies at the most, providing he receives approval of the first company
- Premiums must be paid in full
- Agents must underwrite a third party liability insurance
- The non payment of premiums by an agent can entail administrative fees and/or legal sanctions
- Banks and the postal service, «Barid Al-Maghrib» are authorized to sell insurance policies (personal insurance, credit, assistance)
- Exceptionally, and following recommendations of the Insurance Consultative Council, the competent authority can authorize other persons to handle insurance operations.
Book Five: Miscellaneous and Transition Provisions
- Insurance and reinsurance companies and authorized agents have a 24 month delay to conform to the different provisions of the new legislation.
Major insurance leaders In Morocco
Ministry of Finance Direction des Assurances
- Manager : Mr Thami EL BARKI
- Deputy Manager : Mr Thami YAHYAOUI
- Address : Bd Mohamed V Quartier des affaires, Rabat
- Phone : +212 (37) 76 24 27 Fax : +212 (37) 76 59 22
Fédération Marocaine des Sociétés d'Assurances et de Réassurance
- Chairman : Mr Azzedine GUESSOUS
- Chief Supervisor: Mr Ali BOUGHALEB
- Address : 154, Bd d'Anfa Casablanca
- Phone : +212 (22) 39 18 50 Fax : +212 (22) 39 18 54
Major insurance companies' leaders
Al Wataniya
- Mr Azzedine GUESSOUS (Chairman)
- Mr Fouad DIOURI (General Manager)
- Mr Taoufiq DRIHMEUR (General Manager)
- Address : 81/83, Avenue de l’Armée Royale Casablanca
- Phone : +212 (22) 31 01 69 Fax : +212 (22) 44 95 45
Atlanta
- Mr Med Hassan BENSALEH (General Manager)
- Mr Sellam SEKKAT (General Manager)
- Address : 49, rue Othman Ben Affan Casablanca
- Phone: +212 (22) 49 14 48 Fax : +212 (22) 20 30 11
Axa Assurance Maroc
- Mr Daniel ANTUNES (Chairman)
- Mr Rerolle TANNEGUY (Deputy General Manager)
- Mr Ali SABER (Deputy General Manager)
- Address : 122, Avenue HassanII Casablanca
- Phone : +212 (22) 26 05 67 Fax : +212 (22) 26 70 23
CAT
- Mr Azzedine GUESSOUS (Chairman)
- Mr Mohamed SAIDI (General manager)
- Address: 6, La Colline Sidi Maarouf Casablanca
- Phone : +212 (22) 97 33 50 Fax : +212 (22) 97 34 10
CNIA
- Mr Nasser AL NOWAIS (Chairman)
- Mr Saïd AHMIDOUCH (General Manager)
- Address : 216, Bd Zerktouni Casablanca
- Phone : +212 (22) 22 41 18 Fax : +212 (22) 49 26 63
Essaada
- Mr Mehdi OUAZZANI (Chairman)
- Mr Saïd OUAZZANI (General Manager)
- Address : 123, Av. Hassan II Casablanca
- Phone : +212 (22) 22 25 25 Fax : +212 (22) 26 26 55
Marocaine Vie
- Mr JeanMarie STEIN (Chairman)
- Address : 37, Bd Moulay Youssef Casablanca
- Phone : +212 (22) 20 63 20 Fax : +212 (22) 26 19 71
MCMA / MAMDA
- Mr Abed YACOUBI SOUSSANE (Chairman)
- Mr Rachid ADLOUNI (General Manager)
- Address : 16, rue Abou Inane Rabat
- Phone : +212 (37) 76 77 00 Fax : +212 (37) 70 78 84
MATU
- Mr Omar BENNOUNA (Chairman)
- Mr Mohamed BENYAMNA (General Manager)
- Address : 215, Bd Zerktouni Casablanca
- Phone : +212 (22) 39 92 34 Fax : +212 (22) 36 77 21
Royale Marocaine d’Assurances
- Mr Othman BENJELLOUN (Chairman)
- Mr Sébastien CASTRO (General Manager)
- Mr Mustapha DEHY (General Manager)
- Address : 6769 Av. de l'Armée Royale Casablanca
- Phone : +212 (22) 31 21 63 Fax : +212 (22) 31 38 84
Sanad
- Mr Hassan BENSALAH (Chairman)
- Mr Abdeltif TAHIRI (General Manager)
- Address : 3, Bd Mohamed V BP 13 438 Casablanca
- Phone : +212 (22) 26 05 91 Fax : +212 (22) 29 38 13
Wafa Assurances
- Mr Saâd KETTANI (Chairman)
- Mr Jaouad KETTANI (General Manager)
- Address : 1, Bd Abdelmoumen Casablanca
- Phone : +212 (22) 54 55 55 Fax : +212 (22) 20 91 03
Zurich
- Mr Hervé GIRAUDON (Chairman)
- Address : 106, Rue Abderrahmane Sehraoui Casablanca
- Phone : +212 (22) 27 90 15 Fax : +212 (22) 49 17 34
Reinsurance companies' leader
Africa Re (representative office for the Maghreb)
- Mr Moncef Manai (Manager)
- Address : Tour Atlas, Place Zellaqa BP 7665 Casablanca
- Phone : +212 (22) 31 71 14 Fax : +212 (22) 30 79 64
Société Centrale de Réassurance
- Mr Mustapha BAKKOURY (Chairman)
- Mr Ahmed ZINOUN (General Manager)
- Address : Tour Atlas, Place Zellaqa BP 13183 Casablanca
- Phone : +212 (22) 30 85 86 Fax : +212 (22) 30 86 72
Insurance brokers
ACECA
- Mr M'hamed AOUZAL
- Address : 28, Avenue de l'Armée Royale Casablanca
- Phone : +212 (22) 22 55 17 Fax : +212 (22) 26 40 23
AGMA/LAHLOUTAZI
- Mr Mohamed LAHLOU
- Address : 1 City Park , Rue Abderrahmane Sehraoui Casablanca
- Phone : +212 (22) 22 59 59 Fax : +212 (22) 47 42 11
AONACORE
- Mr Abderrahim MEHDI
- Address : 179, Avenue Moulay Hassan I Casablanca
- Phone : +212 (22) 22 71 90 Fax : +212 (22) 22 71 96
FOSSECAVE
- Mr Khalid AOUZAL
- Address : 28, Avenue des FAR Casablanca
- Phone : +212 (22) 20 20 92 Fax :
Gras Savoye Maroc
- Mrs Naima SMIRES
- Address : 40, Bd Moulay Youssef Casablanca
- Phone : +212 (22) 20 35 75 Fax : +212 (22) 22 36 05
SIDARSA
- Mr Rachid CHERKAOUI
- Address : 46, Avenue des FAR Casablanca
- Phone : +212 (22) 31 21 73 Fax : +212 (22) 31 20 64
Main reinsurance brokers
AfroAsiatique de Réassurance (AAR)
- Mr Abdelhak SEBTI
- Address : 110, Rue Al Wahda Résidence El Meskini Casablanca
- Phone : +212 (22) 47 17 73 Fax : +212 (22) 27 72 97
Arab Reinsurance Brokers (ARB)
- Mr Omar N'GADI
- Address : BP 132 Mohammedia
- Phone : +212 (22) 30 13 52 Fax : +212 (22) 30 13 56
