Rocky times for Moroccan brokers

For the president of the Moroccan union of insurance agents and brokers, (UMAC), the financial situation of the brokers currently operating in the kingdom remains quite difficult despite the good results displayed by the insurance sector which reported a 15.4% growth in 2016.

The situation of the intermediaries got worse in 2016 following the ordinance handed down by ACAPS (the insurance and social welfare supervisory authority), requiring that insurance companies set aside provision to fully cover unpaid premiums on brokers within legal deadlines.

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• Maghreb insurance news