Morocco: Five insurers plug into African network

Source: Middle East Insurance Review | Apr 2017

Five Moroccan insurers – AXA Assurance Maroc, Marocaine Vie, Saham Assurance, Sanad Assurance and Wafa – have joined the Federation of African National Insurance Companies (FANAF).

They joined FANAF in February when the association held its general assembly in Marrakech, the first time it has done so in a Maghreb country.

The African middle class, which represents 34% of the continent’s population, can be a new market for life and health insurance products, said the President of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), Mr Mohamed Hassan Bensalah, at the opening of the meeting which had for its theme “Regulatory challenges and operational challenges: what strategy for African insurance in the next decade?”

He said Africa now accounts for only 1.5% of the global insurance market even though its population represents 13% of the world’s population.

FANAF, founded in 1976, has a membership of nearly 200 insurers, reinsurers and automobile guarantee funds from 29 countries.

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