News Middle East16 Sep 2019

Morocco:Insurance intermediaries discuss profitability issue

| 16 Sep 2019

Insurance intermediaries met last week to discuss current concerns of the sector, particularly solutions to persistent problems that affect the profitability of some agents and brokers.

The annual meeting was organised by the Moroccan Federation of Insurance Agents and Brokers (FNACAM) in Casablanca on 11 September.

Stakeholders looked into the possibility of building a new dynamic to best serve the interests of intermediaries, regardless of their status and size.

There are 2,143 intermediaries in the insurance market and they generated more than 60% of the total premiums of MAD41bn ($4.3bn) last year.

Mr Farid Bensaid, president of FNACAM, said that a large number of intermediaries are struggling and it is time to "find a solution to transform the sector so that these enterprises can be profitable ".

The sector's difficulties are well known. They concern issues of commission and income, VAT, fraud, differences with the Moroccan Union of Insurance Agents and Brokers (UMAC) and dealings with insurers including arrears owed them.

However, for Mr Mohamed Hassan Bensalah, president of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), says that the most urgent task for insurance intermediaries is "the implementation of the clear rules on competition".


 

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