Wafa Assurance, a leading insurance company in Morocco, has received approval to operate a life insurance subsidiary in Gabon, in a strategic move to expand its footprint in Africa.
With the publication of annual reports in recent weeks, the world's three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.
Takaful generated contributions amounting to MAD65.9m ($6.58m) in the year 2023, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
The Moroccan insurance sector improved its profitability in 2023, achieving a net profit of MAD4.5bn ($448.4m), an increase of 5.8% over 2022, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
Fraud in the motor insurance branch is estimated to cost insurers 4% to 5% of overall turnover in Morocco's insurance sector.
The rise in uncertainty in the world is putting a strain on the insurance industry, and the industry must modernise to face this mounting uncertainty, according to Moroccan Insurance Federation chairman Mohamed Hassan Bensalah.
Paris-headquartered Societe Generale (SG), the French financial services giant, has announced that it had reached an agreement to sell its Moroccan subsidiary to financial group Saham, for EUR745m ($793m).
The insurance market in Morocco achieved total premiums of MAD56.7bn ($5.6bn) in 2023, an increase of 4% over 2022, according to annual industry data released by the Insurance and Social Security Supervisory Authority (ACAPS).
Wafa Assurance, a leading insurer in Morocco, has posted a consolidated turnover of MAD12,724m ($1,266.4m) for 2023, an increase of 9.3% compared to 2022.
Premiums generated by (re)insurance companies stood at MAD57bn ($5.7bn) in 2023, up by 4.6% compared to 2022, according to data from the Insurance and Social Welfare Supervisory Authority.