The Société Centrale de Réassurance (SCR) achieved a net result of 492 million MAD (52.7 million USD) in 2017, compared with 256.84 million MAD (25.51 million USD) in 2016, that is a jump in local currency of more than 90% in one year.
As for the turnover, it fell by 14% at 1.6 billion MAD (171.50 million USD) against 1.87 billion MAD (185.7 million USD) in 2016. This expected decline in turnover is explained by the gradual disappearance of the legal cession that SCR benefited from in the past.
To diversify its portfolio, the Moroccan reinsurer is focusing on the development of its business internationally. Africa represents the first target of SCR, which has recently opened a representative office in Abidjan.
The company is currently preparing its entry into other high-potential African markets, particularly in the East of the continent.
This policy is beginning to bear fruit.
Premiums written on international markets almost doubled in the last twelve months going from 250 million MAD (24.83 million USD) in 2016 to 467 million MAD (50.06 million USD) one year later.
SCR aims, in the medium term, to achieve more than two thirds of its turnover on the international market, particularly in Africa and the Middle East.
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- The Morrocan insurance industry [4]