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“The Insurance Industry in Morocco, Key Trends and Opportunities to 2017” by Timetric
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The
Moroccan insurance industry is one of the largest in the Arab region and the
second-largest in Africa. Insurance penetration stood at 3.1% in 2012, while
the premium per capita stood at MAD788.7 in the same year. Despite social
unrest, low income levels, high urban unemployment and high poverty in rural
areas, Morocco’s insurance industry penetration was among the highest in the
region in 2012. The industry generated a written premium of MAD25.6 billion
(US$2.9 billion) in 2012, after growing at a CAGR of 6.8% over the last 5
years. This growth was partly driven by favorable government strategies to
expand the insurance industry, including compulsory provisions such as the
Contrat Programme in 2011. Growth was further supported by economic
development, the expanding mortgage market, growth in the travel and tourism
industry and the introduction of the Bancassurance channel.
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.
Expanding travel and tourism
industry to drive growth
Over the
last five years, excluding 2010 and 2011, the Moroccan travel and tourism
industry expanded at a rapid rate. The stall in growth in 2010 and 2011 was due
to social and political unrest in the country and the GCC region caused by the
sovereign debt crisis in EU member states and its close proximity to Libya and
Egypt. Tourists, especially from Europe, avoided the Middle East which had
subsequent impact on Morocco’s travel and tourism industry. Growth is expected
over the next five years, led by government efforts to make Morocco one of the
world’s leading tourist destinations.
According
to the OECD’s vision 2020, the Moroccan government wants the country to be one
of the top 20 tourist destinations in the world and aims to double tourist volume
and triple domestic traveler volume by 2020. A number of construction projects
are underway to facilitate this and the government is predicted to invest
heavily in hotels, resorts and spas. If successful, Vision 2020 will support
growth in other industries including the insurance industry, particularly
travel insurance.
Social unrest will have a negative
influence
The Arab
revolution, which began in Tunisia and Egypt in January 2011, spread to Morocco
in February of the same year. Anti-government demonstrations organized by trade
unionists were carried out throughout the country, leading to social unrest.
The social unrest is likely to impact Moroccan economy as investors will not
invest in a politically unstable country, including Morocco. This is expected
to have a negative influence on the insurance industry over the course of the
next 5 years.
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