Almost 20% of Moroccans subscribe to at least one type of insurance, according to a recent survey by market research specialist Kantar TNS (Taylor Nelson Sofres).
The survey, based on a representative sample of 1,003 people, looks at the use that Moroccans make of insurance.
Automobile liability insurance features heavily in this total, since it is mandatory for vehicle owners. Motor insurance alone accounts for 28.5% of total premiums, placing it second in the industry after life insurance, which accounts for nearly 41% of the total issued premiums. Insurers posted premiums totalling MAD35.1 billion (US$3.7 billion) in 2016, representing an increase of 15.4% compared to 2015.
Insurance penetration can be increased if the government makes multi-risk home insurance mandatory, according to insurance professionals. The idea has been mooted for several years but nothing has been undertaken to implement it, reported Morocco Today.
According to the findings, men have more access to insurance than women. More than one in four men are insured, while among women, the proportion drops to 12%.
In general, if one were to draw the typical profile of the insurance customer, it would be of “a man from the upper middle class, aged 45 and over, living in urban areas”.
According to the results of the survey, insurers attract the most customers from the upper middle class, rather than the wealthiest classes. This differs from what is observed in the banking sector, where it is the wealthiest classes who are the most banked. M
MAD1 = US$0.11