The insurance is a service which consists in providing a service preset, generally financial, with an individual, an association or a company at the time of the supervening of a risk, in exchange of the perception of a contribution or precedes.
By extension, the insurance is the economic sector which gathers the activities of design, of production and marketing of this type of service.
The Moroccan market of the insurance is the second of Africa, but the activity of the sector represents even less than 3% of the GDP. After one year 2004 difficult with a fold of the boxed premiums of 1,1%, the sector evolves/moves more favorably in 2005 with a growth rate of 7,4% and one profitability which doubles. Since 1999, the sector used a process of concentration, which must enable him to face the constraints of solvency registered with the Code of the insurances adopted at the end of 2002. The French interests are present at Morocco
THE SECTOR JOINS AGAIN WITH THE GROWTH IN 2005
The second African market: With a sales turnover of 13,2 billion dirhams (that is to say 1,2 billion euros), the Moroccan market of the insurance accounts for yet only 2,9% of the GDP. However, the Moroccan market is the second of Africa, after that of South Africa. With at the end of 2005, the market of the insurance consists of ten companies (of legal form S.A.) and of three mutual insurance companies. This number are added three companies of assistance, a company of credit insurance and a public company of reinsurance.
A sales turnover in rise of more than 7% in 2005: After one year 2004 of fold of the boxed premiums of 1,1% coming from the retreat of the insurance life, the sector records in 2005 a growth rate of 7,4%, drawn at the same time by the performance from the sector not-life (+5,7%) and by that of the sector life (+13,3%) which benefits from the development of the bancassurance.
THE BRANCH "LIFE" COUNTS FOR THE QUARTER OF THE MARKET
The share of the premiums relating to the automobile insurance remains considerable, to 35,4% of the Suivent, sales turnover the branches "life and capitalization" (24,8%). Then the premiums emitted as a cover for come the personal risk "injuries" (13,3%) and risk "industrial accident" (9,3%). As comparison, on a mature market such as the French market, the branch life forms in 2005 72% of the sales turnover and the covering of the automobile risk accounts for nothing any more but 10% of the total activity of the sector.
THE PROFITABILITY OF THE SECTOR OF MOROCCAN INSURANCE A DOUBLED IN 2005
Range by the performance of the financial products carried out, the profitability of the sector of the Moroccan insurance doubled in 2005, the taxable income of the sector having reached 3,2 billion dirhams (290 million euros) against 1,6 billion (145 million euros) in 2004.
THE CODE OF THE INSURANCES MODERNIZES THE LEGISLATION OF THE SECTOR
The code of the insurances was voted in November 2002. This text equips industry with the insurance of a lawful device which answers the international standards overall. The code confirms the obligation for the risks located at Morocco to be ensured by contracts subscribed and managed by companies of approved insurances in Morocco. Approval is granted only to the companies having their registered office in Morocco. Any change of majority, any transfer of more than 10% of the actions and very direct or indirect takeover higher than 30% of the authorized capital must obtain prior agreement from the Management of the insurances. In addition, the code regulates the bancassurance and gave to the banks and the Moroccan Post office the authorization to market the insurances of people, assistance and credit.