A promising future awaits the life insurance sector in Morocco

 A promising future awaits the life insurance sector in Morocco

The life insurance in Morocco, a promising sector given the benefit from the changes that have occurred in recent years on the consumers who are snapping up this kind of health system habits, but also the catalyst tax system and competitive position at the regional level.

It follows from the report of the Moroccan recent federal done by the insurance companies, reinsurance, that the volume of private insurance compensations of life that were awarded during the first half of 2011, amounted to at least 58.3 billion dirhams compared to 05.3 billion dirhams during the same period of 2010.

Bashir sees Badu Director General of federal published last September report on the status of the insurance sector in Morocco draw the first half of 2011, the life insurance remains "one of the main pillars of the development of the insurance sector in Morocco for the coming years."

He explained Badu told the Arab Maghreb news "that is well utilized for compatibility quotient between the bank and insurance through bank networks, and the tax system somewhat catalyst is in its comprehensiveness, and to engage in the supplementary guarantees for salaried retirees by a large number of construction, are all factors that have contributed to the evolution of Life insurance system in Morocco. "

Having pointed out the importance of insurance death, Badu confirmed that it comes to culture began to take root within the Moroccan society.

Despite the negative development recorded between 2009 and 2010, the life insurance contributed to the limits of 3.27 per cent of the total number of transactions for the insurance sector drawing the first half of 2011.

With regard to the strong development of the record during the first half of 2011 has Badu record that "at a time when the financial performance of the market, namely stock values, not feeling well, the Aledjar- insurance choice remains the best" and that prevents the achievement of subsidized insurance development Life lies in purchasing power, which "is still limited."

However, he noted that the work program 2011 -2015, which was signed between the state and insurance companies last May is the best way for the development of the private sector in terms of duration of the necessary means and capabilities.

Among the 16 contractor to secure work in Morocco, accounting Foundation (WAFA ancestor) the lion's share through the granting of compensation amounted to 17 t 1 billion dirhams (about 33 per cent of market share), followed by the National Insurance for 3.653 million dirhams and Moroccan life (8 R. 561 million dirhams) and security Moroccan Central Insurance (1 R. 534 million dirhams) and AXA Insurance Morocco (5 t 338 million dirhams).

Moreover, the classification of quotas by insurance type shows that the size of individual insurance (contracts signed between believers and beneficiaries without a broker) reached 88.1 billion dirhams, followed by insurance for groups (moral person or head of entrepreneurship with the involvement of a group of people) 8 R. 860 million dirhams, while not exceeding the popular locks on (appropriate formula most modest of professional institutions, which only live on their work product) AED 100 thousand during the first half of 2011.

According to a report insurances Directorate of Social Protection, Ministry of Economy and Finance of Morocco is ranked 48 globally and the first Arab.

Insurance is a life committed to a contract under which the insured amount that prevents or capital to the beneficiary of the insurance, according to the first two formats in the form of insurance in case of death and the second received him alive.