Insurance : Morocco ranked second in Africa and third in Arab World

The president of the Insurance and Social Security Supervisory Authority (ACAPS) Hassan Boubrik said, on Monday in Rabat, that the turnover of Morocco's insurance sector reached 46.7 billion dirhams in 2019, allowing the Kingdom to maintain the second place in Africa and the third in the Arab world.

This announcement was made during a meeting with Head of Government Saadeddine El Otmani, during which Boubrik presented the Authority's annual report for the year 2019 in accordance with Article 9 of Law No. 64.12 establishing the Authority in charge of monitoring the insurance, retirement, mutual aid and compulsory health insurance sectors.

Boubrik explained that the performance of the insurance sector was good, given that the turnover of the insurance sector reached 46.7 billion dirhams in 2019, an increase of 8,4% compared to 2018, allowing Morocco to keep the second place in Africa and the third in the Arab world.

Life insurance occupied the first place, that is to say 45.8% of direct insurance, while automobile insurance amounted to around 49.4% among other insurances, he said.

Regarding the social security sector, the Authority's report shows a 10% increase in contributions to pension plans compared to 2018, reaching MAD 49.3 billion, as well as an increase of nearly 4.9% of beneficiaries from basic medical coverage, whether they are employees, retirees or beneficiaries belonging to the public and private sectors.

The report also highlighted an increase in the number of beneficiaries from compulsory health insurance for students, which rose from 74,000 beneficiaries in 2018 to 232,000 in 2019.

For his part, the head of government welcomed the results obtained by ACAPS in 2019 and welcoming the Authority's central role in the protection of policyholders and members, in particular through the control of the viability and consistency of insurance schemes, according to the statement.