Morocco: Takaful operators show improved performance in 1H2023
Source: Middle East Insurance Review | Feb 2024
Takaful providers in Morocco have shown positive results during the first half of last year, with total written contributions reaching MAD29m ($2.9m), which indicates improved performance in this vital sector, according to Alam24 news, citing the Supervisory Authority of Insurance and Social Welfare (ACAPS).
Takaful investment and variable capital contracts constituted about 90% of the total volume of contributions for the family takaful category, which shows the importance of these categories in the market.
Additionally, fire and catastrophic event coverage appears to constitute a small portion, with fire insurance representing 9.6% and the share of catastrophic event coverage not exceeding 0.8% of the total contributions.
This indicates that there are opportunities to raise awareness of the importance of these coverages and motivate more consumers to take steps to protect their assets and property.
The ACAPS said that takaful players have paid MAD6.9m for the benefit of takaful funds, which shows the commitment of these companies to financial obligations and their role in supporting the funds and ensuring their sustainability.
The positive results reflect an improvement in the takaful sector in Morocco and indicate that it will continue to develop and provide innovative and effective services to its customers. M