Morocco: Intermediaries pursue new revenue sources
Source: Middle East Insurance Review | Nov 2026
Insurance industry growth in Morocco is insufficient for all intermediaries, a large number of whom are heavily dependent on the motor branch, said Mr Farid Bensaid, President of the National Federation of Insurance Agents and Brokers (FNACAM).
According to data presented by Mr Abderrahim Chaffai, President of the Supervisory Authority of Insurance and Social Insurance (ACAPS), the motor branch commands 75% of the portfolio of intermediaries, who account for 56% of motor insurance distribution. Developing other coverage areas is therefore a major commercial challenge for the intermediary network.
Both Mr Bensaid and Mr Chaffai were speaking at the 10th annual meeting of FNACAM in October.
Mr Bensaid said that the market comprises 2,154 intermediaries, comprising 1,624 agents and 530 brokers. He presented statistics, showing that 68% of agents earn less than MAD1m ($103,000) in annual commissions. Many small insurers are struggling to achieve profitability. They need to invest in information systems, maintain local offices and recruit qualified staff.
Since the profession has moved from “mailbox” operations to advisory functions, it requires investments that require a certain volume of business to recoup. To address this, FNACAM is seeking new revenue streams, such as the money transfer services offered for the past two years (Cash Plus, Wafacash, etc.).
It is also negotiating for more attractive commission rates with the Moroccan Insurance Federation. M