Morocco: Allianz Maroc aims to be benchmark for insurance sector
Source: Middle East Insurance Review | Apr 2017
The Allianz Group has officially launched its Moroccan subsidiary with the goal for the latter to double its market share by 2021, and become the benchmark in the Moroccan insurance market.
After obtaining the relevant regulatory approvals, the Moroccan insurer began operations in late January under its new name, Allianz Maroc, the German insurer said in a statement. The Group acquired 98.9% of Zurich Assurances Maroc in November 2016.
Morocco is an important growth market in Allianz’s strategy in Africa. The country has positioned itself as a hub for the continent.
Mr Hicham Raissi, Head of Allianz SE’s Business Divisions for Africa, MENA and India, said: “Our investment in Morocco shows that we believe in the growth potential of the Moroccan insurance market. We will accompany our retail and business clients in Morocco and all over the world, while providing superior quality service.”
Allianz Maroc will further orient its offerings around multiple customer segments to provide more targeted and personalised value propositions. The company will focus on digital channels to communicate with customers in real time and expedite claims. It will also develop synergies with other entities of Allianz, including Euler Hermes, to better serve business customers interested in expanding and/or exporting to other African markets.
Allianz Maroc’s 215 employees serve more than 600,000 customers in Morocco. Its network includes over 160 agents, brokers, and partners.
In 2015, Zurich Assurances Maroc generated EUR114 million (US$121 million) in GWP, compared to total premiums of $3.2 billion for the insurance sector in the country.
EUR1 = US$1.06