According to ACAPS, despite significant efforts towards financial inclusion, Morocco still faces significant disparities, particularly in terms of geographical coverage and between genders.
The first barometer for inclusive insurance is expected in early 2023. It should be carried out by the company LMS-CSA, selected after a tender launched by the Supervisory Authority for Insurance and Social Welfare. This project, undertaken in partnership with the profession (FMSAR), concerns an analysis of access to and use of insurance services at national level, especially for young people, women and the rural population, micro-enterprises and informal workers. This insurance penetration survey will update data on the percentage of Moroccan adults with insurance coverage and the annual budget allocated per insured. The study is also interested in the perception of the level of complexity of the subscription and compensation procedures as well as the reasons to motivate/demotivate the subscription action.
The first inclusive insurance barometer was due to be unveiled in early 2023. This project is managed by the Insurance and Social Welfare Supervisory Authority (ACAPS) in partnership with the Moroccan Association for Insurance and Reinsurance (FMSAR). As part of this barometer, a first survey is conducted among at least 3,000 people aged 18 to 75 at household and individual level, especially young people, women and the rural population, but also very small businesses. , micro-enterprises and informal workers. This quantitative study of access to and use of insurance services at national level, was awarded by ACAPS to the company LMS-CSA via a tender of 540,000 DH including tax to be completed within 15 weeks.
The barometer covers 3 parts:
- The first aims to quantitatively assess the level of penetration, in particular the percentage of Moroccan adults with insurance coverage, the equipment rate in number of insurance products per insured and the annual budget allocated to insurance coverage per customer.
- The second part consists in studying the level of use, in particular the number of claim reports over the last 3 years, the associated compensation periods, the perception of the level of complexity of the underwriting and compensation procedures, as well as the degree of satisfaction with the quality of the service.
- As for the third part, it analyzes the level of knowledge related to the concept of insurance, to the perception of the price of the products, while examining the reasons to motivate/demotivate the subscription action.
Through this barometer, which will be annual according to FMSAR, the sector aims to increase inclusion in insurance in Morocco, enabling the marketing of accessible and innovative products through distribution channels adapted to the target group, especially low-income households, rural populations and VSEs. According to ACAPS, financial inclusion – which aims to increase access to and use of high-quality financial services, including credit, savings, insurance and remittances – is considered an important catalyst for promoting economic development and poverty reduction in Morocco .
Despite the significant efforts made by both private and public actors in recent years, Morocco still faces significant disparities, particularly in terms of geographical coverage and gender disparities. The Ministry of Finance and Bank Al-Maghrib have thus implemented a national strategy for financial inclusion, the purpose of which is to coordinate actions and define the priorities, roles and responsibilities of the various stakeholders. This makes it possible to take advantage of the individual initiatives of the different regulatory authorities and actors, especially in terms of SME finance, microfinance, insurance, consumer protection, banking and mobile payment services. It is in this context that ACAPS and FMSAR decided to create a barometer for inclusive insurance.