Morocco
Answer ... One of the main challenges of the Moroccan insurance sector is the low level of satisfaction among insureds. Moroccan insurance companies have a long way to go in order to improve relations with insured consumers in terms of the provision of advance information, support and compensation – for example, through:
- streamlined, remote procedures;
- shorter response times;
- more efficient follow-up; and
- simplification of contracts.
Moreover, Moroccan insurance companies should comply with the publications of the Autorité du Contrôle des assurances et de la Prévoyance Sociale (ACAPS) (including guidelines and recommendations), and should be transparent in their interactions with this proactive regulatory authority. Moroccan insurance companies should also keep abreast of any changes in the Moroccan legislative framework.
The most recent ACAPS report, dated 4 January 2021, focused on the state of the insurance sector in 2019. It indicated that turnover in the insurance sector remains fairly high, ranking second in Africa overall.
Finally, insurance companies have been able to provide compensation for the financial impact of the COVID-19 health crisis due to various prudential measures adopted by the ACAPS.