Morocco: Takaful operators offer around 60 products in nascent market
Source: Middle East Insurance Review | Feb 2023
Takaful companies have introduced around 60 products since they started operations in Morocco in 2022, according to Insurance and Social Welfare Supervisory Authority (ACAPS) director of insurance regulation and standardisation Abdelkerim Sahbeddine, in an interview with the news portal LesEco.
An important pillar of the participatory ecosystem, takaful was launched in 2022 as an insurance model based on the principles of mutual assistance and contributions. This was after the related regulations came into force in October 2021 and the granting of licences by ACAPS to four takaful companies and a retakaful window. The authority also approved the establishment of seven participating banks and 12 insurance brokers to carry out takaful operations.
The takaful plans currently marketed include life and death, bodily injury, fire and natural elements, glass breakage, water damage, multi-risk building insurance for participatory finance and investments.
Mr Sahbeddine said, “The third quarter of 2022 saw the start of production for this segment with an overall volume of premiums of MAD2.7m ($270,000). Of this volume of business, 89% was generated from life insurance, against 11% for fire insurance.” M