Morocco in the TOP 3 of Africa’s Largest Reinsurance Markets

Morocco was ranked third in Africa’s fastest growing reinsurance markets in the Africa Reinsurance Pulse 2016, an annual report issued by Schanz, Alms & Company.

“Kenya, Nigeria and Morocco are the fastest growing reinsurance markets, driven by the size and diversity of their economies, a young and growing population and advanced regulatory regimes,” says the report.

“With primary insurance premiums of US$ 3.1 billion in 2015 and an insurance penetration slightly above Kenya’s, it (Morocco) is Africa’s second largest insurance market after South Africa,” the report adds

The same source highlights Morocco’s advanced financial system saying that “the set-up of Casablanca Finance City as a financial hub geared towards West-Africa is also regarded positively.”

“While the neighboring countries Libya, Tunisia and Egypt suffer from political instability, Morocco is perceived as a stable, reliable, well-regulated and technically advanced market,” notes the report.