The Insurance and Social Security Supervisory Authority (ACAPS) is launching numerous projects to respond to the profound changes that the sector is experiencing, according to its president, Mr Abderrahim Chaffai.
Speaking at an event last week organised by Finance News, Mr Chaffai pointed to two fundamental trends that are transforming the insurance sector: a digital transformation, which is giving rise to new uses and new risks requiring regulatory adaptations and greater consumer protection, as well as the universal implementation of the basic mandatory health insurance scheme (AMO).
Strategic Priorities
For Mr Chaffai, the protection of policyholders is at the heart of ACAPS' strategic priorities. According to him, it is about promoting good practices in the insurance industry, constantly improving the quality of service, contributing to greater financial education and developing inclusive insurance.
ACAPS is studying a number of issues that are hindering the development of the sector. These include the consolidation of mandatory insurance and the study of avenues for developing life insurance, particularly savings. The regulator has noticed a decline in this important branch and is seeking to understand the causes to find ways to revitalise it.
In addition, ACAPS is a member of the Systemic Risk Coordination and Surveillance Committee with other financial-sector regulators (Bank Al-Maghrib, Moroccan Capital Market Authority and the Ministry of Finance), and wishes to institutionalise the management of the typology of risks by including them in the insurance law.
To develop the insurance market, Mr Chaffai highlighted the need to reduce coverage gaps and support the diversification of insurance offerings. On the digital side, there are many projects in particular with the InsurTech unit set up within ACAPS, or the publication of guidelines on digital distribution which the sector is implementing slowly. ACAPS has also supported some intermediaries and companies in bringing their online offers into compliance with regulations.
Another strategic project relates to sustainability in the sector in terms of insurance coverage as one aspect and investments of the insurance companies as another.