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North Africa Insurance Report 2008
Business Monitor International, Feb 2008, Pages: 53
The North Africa Insurance Report provides independent forecasts and competitive intelligence on South Africas insurance industry.
In the trade and mass media, most reviews of the insurance sectors of the Middle East and North Africa highlight the potential for growth of markets that are, at present, underdeveloped. The drivers of growth are easy to identify: the opportunities that come with a boom in energy prices; the opening of markets that were once dominated by state-owned (near-) monopolies to competition; the admission of foreign insurers in accordance with World Trade Organization (WTO) obligations; growing understanding of the advantages of insurance (and, in particular, life insurance - given the traditional cultural aversion to it in many Islamic countries); legislative changes to promote (compulsory) medical insurance in many countries and so on.
Morroco
To differing extents, all these facets are present in the four markets (Morocco, Algeria, Tunisia and Libya) in this report. Morocco has gone the furthest in terms of liberalisation and deregulation: quite unlike the other three countries (or Egypt or Saudi Arabia) there is no (overwhelmingly) dominant state-owned insurance company. After a bewildering series of mergers over the last few years, much of the market is now in the hands of five private sector groups. Two of these are controlled by large French multinationals - AXA and Société Générale. However, the other three, including RMA Watanya - the largest insurance company in North Africa (outside Egypt) is owned by Moroccan interests.
One of the tables in the report shows BMI’s estimates of the current sizes of the non-life and life segments of the four countries, and compares them with our estimates of the current sizes of the corresponding segments of three other countries - Saudi Arabia, Egypt and the United Arab Emirates (UAE). The table highlights the importance of Morocco in a regional context. In spite of being a (much) poorer country than Saudi Arabia or the UAE, it has already emerged as one of the key markets in the region. Indeed, it is often - and accurately - described as being the largest insurance market in Africa after South Africa.
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