Some 200 insurance intermediaries suffer from weak revenue levels, out of around 2,140 agents and brokers operating in Morocco, according to Mr Hassan Boubrik, president of the Insurance and Social Insurance Authority (ACAPS).
He downplayed the financial problems that brokers and agents complain about, attributing their situation to some improper practices, reported the newspaper Al Sabah. He said that some intermediaries collect insurance premiums from customers on behalf of insurers, and owe arrears to the latter.
To air their grievances, insurance agencies and brokerages have held a number of protests recently to air grievances over commission rates and the remuneration structure .
Mr Boubrik was speaking at the fourth annual meeting of insurance agents and brokers held on 11 September, organised by the Moroccan Federation of Insurance Agents and Brokers (FNACAM). Insurance brokers and agents generate around 60% of insurance premiums in Morocco.
Mr Boubrik added that ACAPS is preparing to introduce reforms in the insurance industry, that involve:
- The quantitative aspect which is to define the ratios to be met by insurers in terms of solvency requirements and own funds;
- The qualitative, which deals with governance and risk management; and
- Information to be disclosed to the Authority and the public.