Africa Specialty Risks (ASR), the developing markets focused (re)insurance group, has announced that ASR North Africa has received approval to operate as a service company from Lloyd's, allowing it to underwrite in the kingdom on behalf of Syndicate 2454.
Gross written premiums (GWP) of Moroccan insurance and reinsurance companies reached MAD59.7bn ($6bn) in 2024, growing by 5.3% from the preceding year, according to preliminary data released by the Supervisory Authority of Insurance and Social Welfare (ACAPS).
The president of the Moroccan Insurance Federation (FMA), Mr Mohammed Hassan Bensalah, has advocated the establishment of a single insurance market in Africa.
Société Centrale de Réassurance (SCR) has maintained a strong operating performance as is illustrated by a five-year (2019-2023) weighted average return on equity of 11.0%, according to AM Best.
Ask Capital has become the sole owner of AXA Assistance Maroc after purchasing the remaining 20% of shares the latter has held in the operation; several media sources have reported.
AXA Assurance Maroc has announced the appointment of Gilles Fromageot as CEO of AXA Morocco and AXA CIMA regions, encompassing operations in Cameroon, Côte d'Ivoire, Gabon and Senegal, according to media outlet Morocco World News.
Cyber threats have emerged as the primary concern for businesses operating in Morocco, according to a recent survey conducted by Allianz.
The Supervisory Authority of Insurance and Social Welfare (ACAPS) has commissioned ARM Consultants to carry out a study on making homeowner's insurance compulsory in Morocco.
The Insurance and Social Welfare Supervisory Authority (ACAPS) and the Moroccan Insurance Federation (FMA) announced the entry into force of the compulsory 'workshop risk' and 'decennial liability' insurances, starting 30 December 2024.
The Insurance and Social Security Supervisory Authority (ACAPS) in Morocco is currently conducting a feasibility study on the introduction of mandatory home insurance. This approach is part of a comprehensive vision of protection against home-related risks and modernisation of the insurance framework in Morocco, reported Hespress.