Morocco, the revival

It is the insurance supervisory authority which first initiated this recovery. It outlined and implemented a package of coherent measures which resulted in the following:

• the freeze of any creation of new companies. No license has been granted in Morocco for thirty years.
• the withdrawal of license to five companies whose portfolio and network have been scattered and distributed among the other insurers.
• providing incentives for foreign investors to come back to Morocco.
• the encouragement of merger-acquisition moves. The number of operating companies has considerably dwindled down during the recent ten years.
• the adoption in 2002 of an insurance code.
• the liberalisation of all tariffs including that of motor insurance.

The second factor accounting for the market's recovery is to be attributed to the credit of national investors, especially to the Moroccan bankers.

It is no accident that the two major insurance companies have strong capitalistic ties with the banks.

The turnover reported in 2006 confirms this revival. Morocco's premium volume, alone, exceeds that of the four other Maghreb countries put together.