Morocco: Brokers demand more fees from insurers

Source: Middle East Insurance Review | Jul 2018

The National Federation of Insurance Agents and Brokers in Morocco (FNACAM) has reportedly demanded that insurers pay intermediaries more for placing business with the latter.

In a letter to the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), FNACAM is seeking a lump sum payment of MAD250 ($26.20) for handling each vehicle insurance claim, as well as higher motor commission rates, reported The 360.

“We were very disappointed to see our insurer friends being insensitive to the financial difficulties faced by insurance intermediaries,” said the letter signed by the president of FNACAM Khalid Aouzal.

The letter was sent a few days after a meeting in May between FNACAM and FMSAR which resulted in the establishment of a bipartite commission dedicated to the drafting of a code of ethics.

FNACAM referred to the MAD4.3bn profits posted by insurers in Morocco in aggregate for 2017, to justify its demand for higher remuneration from insurers. M

MAD1 = $0.10

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