The insurance sector in Morocco recorded a record half-yearly turnover of MAD32.7bn ($3.3bn) in 1H2024, growing by 5.2% compared to the first six months of 2023, according to data published by the Moroccan Insurance Federation.
Takaful generated contributions totalling MAD43.5m ($4.4m) in the first half of 2024, 50% higher than the MAD29m reported for the corresponding six months in 2023, according to data released by the Moroccan Insurance Federation.
Specialty MGA Africa & Middle East, a new provider of bespoke (re)insurance solutions, has launched with a new office in Casablanca after receiving approval from the Moroccan Minister of Finance.
The Ministry of Economy and Finance, Bank Al-Maghrib (BAM), the Insurance and Social Security Supervisory Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC) have adopted a new strategy for the development of climate finance by 2030.
The insurance market in Morocco posted a record first-half turnover of MAD32.4bn ($3.3bn), growing by 4.4% over the first six months of 2023, according to data from the Insurance and Social Welfare Supervisory Authority (ACAPS).
The Competition Council (CC) has pointed out major structural challenges facing the insurance market, among several other key sectors of the economy, stressing the urgent need to promote genuine competition in the market.
The Insurance and Social Security Supervisory Authority (ACAPS) is preparing to launch the first edition of the "Emergence Programme" to promote innovation and strengthen insurance inclusion.
The latest Financial Stability Report (FSR), published by the three financial market regulators - the Insurance and Social Welfare Supervisory Authority, Bank Al-Maghrib and the Moroccan Capital Market Authority - has again sounded the alarm and called for the acceleration of pension reform in Morocco.
Insurance companies in Morocco generated a net profit of MAD4.2bn ($428m) in 2023, 6.2% higher than in 2022, states the central bank, Bank Al-Maghrib (BAM), in its annual financial stability report released recently.
The Insurance and Social Security Supervisory Authority (ACAPS) has postponed its decision on the refund of premiums paid for travel insurance when applications for visas are rejected by European authorities.