Life insurer La Marocaine Vie has launched its new wholly-owned takaful subsidiary called Al Maghribia Takaful that is licensed to carry out family takaful, investment takaful, and general takaful operations.
Bank Assafa, the Islamic bank in the Attijariwafa banking group, Group, in partnership with Wafa Takaful, has launched the marketing of Shariah-compliant insurance products that represent a new market in Morocco.
The Insurance and Social Welfare Supervisory Authority (ACAPS) has granted six participating banks approval to market takaful products.
The insurance sector in Morocco will undergo several changes this year, in particular with the expansion of the Assurance Maladie Obligatoire (AMO) [mandatory health insurance] scheme, the introduction of takaful business and new regulations relating to online insurance sales.
The Insurance and Social Security Supervisory Authority (ACAPS) has published new rules for online insurance sales. The rules will enter into force on 1 July 2022.
The insurance sector in Morocco faces three main challenges, namely, the implementation of a risk-based capital (RBC) framework, the expansion of the Assurance Maladie Obligatoire (AMO) [mandatory health insurance] scheme and the start of takaful.
Four parties have signed a memorandum of understanding (MoU) to establish a takaful venture in Morocco to meet demand in the market for Islamic insurance.
Saham Assurance Morocco, one of the biggest insurers in the kingdom, has adopted a proactive strategy to increase its life insurance business, the share of which has increased significantly in the company's portfolio, according to its general manager, Mr Yahia Chraibi.
Casablanca-headquartered AFMA, a leading insurance broker in Morocco, has established a presence in Côte d'Ivoire through an equity stake in the Ivorian broker ACR (Assureurs Conseil Réunis).
The profitability of the motor insurance branch in Morocco has deteriorated sharply in recent years to the point of pushing the regulator into introducing a provision for price risk to discipline the market.