Beneficial effect of competition on product diversity

The Moroccan insurance business has been witnessing steady expansion for many years. Fierce competition has opened innovation in the products marketed while policyholders’ demand evolved. This trend is very notable with motor insurance as insurers are competing to approach customers with most original offers (insurance for women, age-based insurance for drivers, insurance designed for second-hand cars, tailored insurance etc.).

This multitude of new products also entails relifting of already existing insurance policies. These offers are generally accompanied by price cuts up to 25%.