Morocco: Central bank says insurance sector is strong

Source: Middle East Insurance Review | Feb 2019

The Moroccan insurance industry has continued to be strong, according to Morocco’s central bank, Bank Al-Maghrib.

From a prudential perspective, the coverage rates of technical liabilities by insurers and reinsurers remain above minimum regulatory requirements, said the bank in a statement issued after a meeting of the Coordination and Systemic Risk Monitoring Committee in December 2018.

The statement also said that macroeconomic risks remain moderate for Morocco despite an international environment marked by uncertainties, namely, persistent trade and geopolitical tensions, rising protectionism, Brexit concerns, and market volatility.

Domestically, economic growth is estimated to have slowed in 2018 to 3.3% from 4.1% in 2017, due to deceleration in agricultural value added and the slow recovery of non-agricultural activities. M

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