The insurance market in Morocco

Descriptive analysis

Authors

  • Anas LIMAM INREDD - Université Cadi Ayyad, Marrakech, Maroc

DOI:

https://doi.org/10.23882/emss25121

Keywords:

Insurance, Penetration Rate, Insurance Innovation, ACAPS, Morocco

Abstract

This article aims to examine the current state of the insurance market in Morocco and to discuss ways to harness its potential and increase its penetration rate. It analyzes the regulatory and legal framework, the market structure, as well as supply and demand dynamics. It also addresses the challenges faced by this sector. The methodology is based on an analysis of documents and reliable data, such as those from ACAPS. The results show that the sector is growing, particularly in life and automobile insurance, but this growth is dominated by a few large companies, which limits competition. Additionally, barriers to entry, such as legal requirements, hinder innovation. The article also highlights the untapped potential of inclusive and innovative insurance. It recommends facilitating market access, diversifying the product offerings, encouraging digitalization, and strengthening competition. It also suggests better consumer protection by simplifying contracts and regulating insurance comparison platforms. These measures aim to make Morocco a regional leader in this sector while addressing both local and global challenges.

References

ACAPS. (2023a). Baromètre De L’assurance Inclusive (p. 27). Autorité de Contrôle des Assurances et de la Prévoyance Sociale. https://www.acaps.ma/fr/l-acaps/notre-actualite/lacaps-publie-les-resultats-du-barometre-de-lassurance-inclusive

ACAPS. (2023b). Rapport D’activité De L’acaps Année 2021 (p. 100). Autorité de Contrôle des Assurances et de la Prévoyance Sociale.

ACAPS. (2024a). Secteur des Assurances et de Réassurance Evolution des Indicateurs Techniques et Financiers en 2023 (p. 37). Autorité de Contrôle des Assurances et de la Prévoyance Sociale.

ACAPS. (2024b). Statistiques Annuelles du Secteur des Assurances et de Réassurance—Exercice 2023 (p. 1). Autorité de Contrôle des Assurances et de la Prévoyance Sociale.

Adel, N., & Meknassi, S. (2022). Profit Persistence : Is There A Conglomerate Effect? The Case of Banking and Insurance in Morocco. European Scientific Journal, ESJ, 18(15), 106. https://doi.org/10.19044/esj.2022.v18n15p106

Affeldt, P., Duso, T., Gugler, K., & Piechucka, J. (2021). Market Concentration in Europe : Evidence from Antitrust Markets. CESifo Working Paper, No. 8866, 44.

Agonnoude, H. A. (2024). Secteur Marocain Des Assurances Et Notion De Solvabilité Sous SBR. Revue Internationale du Chercheur, 5(2), 1123‑1146.

Albez, A., El Bahlouli, L., & Abdelmajid, S. (2021). Quantification of Two Operational Risks by Msp Method : Case of an Insurance Company Le Chiffrage De Deux Risques Opérationnels Suivant La Méthode Msp : Cas D’une Compagnie D’assurance. Journal d’Economie, de Management, d’Environnement et de Droit (JEMED), 4(3), 42‑57.

Alhassan, A. L., & Biekpe, N. (2016). Competition and Efficiency in the Non-Life Insurance Market in South Africa. Journal of Economic Studies, 43(6), 882‑909. https://doi.org/10.1108/JES-07-2015-0128

Bayar, Y., Dan Gavriletea, M., & Danuletiu, D. C. (2021). Does the Insurance Sector Really Matter for Economic Growth? Evidence from Central and Eastern European Countries. Journal of Business Economics and Management, 22(3), 695‑713. https://doi.org/10.3846/jbem.2021.14287

Belgada, Z., & Lahlou, A. (2017). Modélisation stochastique des provisions techniques d’une assurance non-vie marocaine sous la directive solvabilité II. Revue Marocaine de Recherche en Management et Marketing, 1(16), 481‑503.

Çetin, M. (2024). Insurance Needs of Digital Nomads and Predictions for Future. Worldwide Hospitality and Tourism Themes, 16(3), 379‑382. https://doi.org/10.1108/WHATT-03-2024-0065

Churchill, C., Phillips, R. D., & Reinhard, D. (2011). Introduction to the 2011 Symposium Issue of JRI on Microinsurance. Journal of Risk and Insurance, 78(1), 1‑5. https://doi.org/10.1111/j.1539-6975.2010.01407.x

El Arif, F. Z. (2023). La Transformation Digitale Dans Les Entreprises D’assurance : Cas Du Maroc. International Journal of Business Marketing and Management (IJBMM), 8(5), 101‑114.

Eling, M., Nuessle, D., & Staubli, J. (2022). The Impact of Artificial Intelligence Along the Insurance Value Chain and on the Insurability of Risks. The Geneva Papers on Risk and Insurance - Issues and Practice, 47(2), 205‑241. https://doi.org/10.1057/s41288-020-00201-7

Esseman, H., & Nafzaoui, M. A. (2022). Industrie De L’assurance Au Maroc À L’ère De La Transformation Digitale : Enjeux Et Perspectives. Revue Française d’Economie et de Gestion, 3(3), 177‑193.

FMA. (2023). Situation Liminaire Secteur Marocain des Assurances Exercice 2023 (p. 9). Fédération Marocaine de l’Assurance.

FNACAM. (2023). La FNACAM [Organisation à but non lucratif]. https://fnacam.com/about/

Kočović, J. Ž., Rakonjac-Antić, T. N., Koprivica, M. R., & Bradić, K. N. (2024). Trends in Insurance Market Development. Journal of Insurance Theory and Practice, XL(3), 549‑554. https://doi.org/10.5937/TokOsig2403536K

Lee, H., Yong, Z.-J., & Lim, Q.-M. (2022). Insurance Development and Economic Growth. Financial Statistical Journal, 5(1). https://doi.org/10.24294/fsj.v5i1.1057

Lengwiler, M. (2023). History of Insurance in a Global Perspective : A Novel Research Agenda. Asia-Pacific Journal of Risk and Insurance, 17(2), 179‑187. https://doi.org/10.1515/apjri-2023-0028

Loi 17-99 Portant Code Des Assurances, Dahir n°1-02-238 Code Des Assurances 39 (2002).

Loi 31-08 Édictant Des Mesures De Protection Du Consommateur, Dahir n°1-11-03 25 (2011).

Loi 59-13 Modifiant Et Completant La Loi 17-99 Portnt Code Des Assurances, Dahir n°1-16-129 Code Des Assurances 12 (2016).

Loi 64-12 Portant Création De L’autorité De Contrôle Des Assurances Et De La Prévoyance Sociale, Dahir n°10-14-10 Code Des Assurances 23 (2014).

Loi 110-14 Instituant Un Régime De Couverture Des Conséquences D’événements Catastrophiques Modifiant Et Complétant La Loi N° 17-99 Portant Code Des Assurances, Dahir n°1-16-152 Code Des Assurances 11 (2016).

Outolba, L., & Abdelhaq, L. (2021). Success Factors of Very Small Businesses in Regulated Context : Case of Moroccan Insurance Brokers. International Journal of Accounting, Finance, Auditing, Management & Economics, 2(6), 39‑58. https://doi.org/10.5281/ZENODO.5525034

Rahal, H. (2017). L’eclatement De La Distribution Des Produits D’assurances Au Maroc Quel Avenir Pour La Présentation Des Opérations D’assurances ? European Scientific Journal, ESJ, 13(28), 94‑107. https://doi.org/10.19044/esj.2017.v13n28p94

Swiss Re Institute. (2024). World Insurance : Strengthening Global Resilience with a New Lease of Life (3/2024; p. 52). Swiss Re Management Ltd.

Ziky, M., Essardi, M. O., & Limam, A. (2023). Attitudes Et Perceptions Des Compagnies D’assurances Marocaines Vis-À-Vis De L’introduction De L’assurance Takaful Au Maroc. Alternatives Managériales Economiques, 5(3), 219‑235. https://doi.org/doi.org/10.48374/IMIST.PRSM/ame-v5i3.41918

Published

2024-11-02

How to Cite

LIMAM, A. (2024). The insurance market in Morocco: Descriptive analysis. RMd • Economics, Management & Social Sciences, 2(1), e202507. https://doi.org/10.23882/emss25121