2014-04-17 10:34:04 - The Insurance Industry in Morocco, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Moroccan insurance industry is one of the largest in the Arab region and the second-largest in Africa. Insurance penetration stood at 3.1% in 2012, while the premium per capita stood at MAD788.7 in the same year.
Despite social unrest, low income levels, high urban unemployment and high poverty in rural areas, Morocco´s insurance industry penetration was among the highest in the region in 2012. The industry grew at a CAGR of 6.8% during the review period.
This growth was partly driven by favorable government strategies to expand the insurance industry, including compulsory provisions such as compulsory third-party motor insurance and the implementation of other favorable provisions such as the Contrat Programme in 2011.
Growth was further supported by economic development, the expanding
mortgage market, growth in the travel and tourism industry and the introduction of the bancassurance channel.
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