ACAPS: Premiums reached MAD46.7 billion in 2019

Hassan Boubrik, president of the Insurance and Social Security Supervisory Authority (ACAPS) said recently in Rabat, that the turnover of Morocco’s insurance sector reached MAD46.7 billion in 2019.

He was presenting the 2019 annual report of the Authority to the head of Government Saadeddine El Otmani. during which Boubrik presented the Authority’s annual report for the year 2019 in accordance with Article 9 of Law No. 64.12 establishing the Authority in charge of monitoring the insurance, retirement, mutual aid and compulsory health insurance sectors.

Boubrik explained that the performance of the insurance sector was good, given that the turnover of the insurance sector reached MAD46.7 billion in 2019, an increase of 8,4 percent compared to 2018, allowing Morocco to keep the second place in Africa and the third in the Arab world.

Life insurance amounted to 45.8 percent of direct insurance premiums, while motor insurance amounted to around 49.4 percent among other lines of business, he said.

Regarding the social security sector, the Authority’s report shows a 10 percent increase in contributions to pension plans compared to 2018, reaching MAD49.3 billion, as well as an increase of nearly 4.9 percent of beneficiaries from basic medical coverage, whether they are employees, retirees or beneficiaries belonging to the public and private sectors.

The report also highlighted an increase in the number of beneficiaries from compulsory health insurance for students, which rose from 74,000 beneficiaries in 2018 to 232,000 in 2019.

For his part, El Otmani welcomed the results obtained by ACAPS in 2019 and encouraged the Authority’s central role in the protection of policyholders and members, in particular through the control of the viability and consistency of insurance schemes, according to a statement.

Read more

Morocco: Regulator offers intermediaries aid

Insurance: CMA aims to build financial sustainability