HomeEconomy"The insurance sector has weathered the crisis rather well"

“The insurance sector has weathered the crisis rather well”

On the occasion of the opening of the work of the 5th edition of the annual meeting of insurance agents and brokers, on November 10, 2021, Othman Khalil El Alamy, Acting President of the Insurance Supervisory Authority and the Social Security (ACAPS), raised that today, we can note with satisfaction that the insurance sector has weathered the crisis rather well ”.

At the end of 2020, the insurance sector recorded appreciable growth (given the situation we went through) of 1.9% with a premium volume of 45.7 billion dirhams. It is true that this increase marks the end of a cycle of strong growth lasting several years (+ 8.4% in 2019), but it is a real feat in view of the economic situation ”, said Othman Khalil El Alamy during his speech at the opening of the work of the 5th edition of the annual meeting of insurance agents and brokers, organized by the National Federation of Insurance Agents and Brokers of Morocco (FNACAM).

Placed under the theme ” a new impetus for intermediation after the crisis ”, this 5th edition brought together the players in insurance intermediation and operators in this sector, to whom the Acting President of the Insurance Control Authority and Social Welfare, Othman Khalil El Alamy, delivered the major projects on which its management will have to look.

The amendment of Book IV of the Insurance Code relating to the presentation of insurance operations is also one of the major projects to which the Authority will have to tackle in the near future. This revision will make it possible to put in place a regulatory framework more suited to the evolution of the distribution of insurance products, the advent of new technologies, but also to correct a certain number of shortcomings that have appeared over the years. years, with the effective implementation of the insurance code », Explained the manager.

In addition, theAuthority also intends to initiate with the sector, very soon, a reflection on a profound reform of the insurance code, announced El Alamy. Among the objectives of this form is the establishment of a legal and regulatory framework for the coming years, anticipating future developments across the entire value chain (from underwriting to claims management), encouraging innovation and allowing to take full advantage of the dynamics induced by the digital revolution, he explained in his speech.

Regarding the relationship between insurance intermediaries and insurance companies, the Acting President of ACAPS notes “ that it is very often affected by the problem of claims on intermediaries ”. This problem, which has persisted for years, consumes a lot of time and effort on both sides., he continues, and that it “thus hinders the harmonious development of their activities”.

Sensitive to this issue, the Authority intends to carry out two projects in collaboration with stakeholders, announced El Alamy. The first project relates to the clearance of receivables due from intermediaries, while the second project will aim to find solutions to avoid this debt problem, or at least to reduce its extent, for the future. , he explained.




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