ACAPS to launch Inclusive Insurance Barometer

The Ministry of Finance is counting on 700,000 inclusive insurance contracts by the end of 2022. This is one of the commitments made as part of the 120 million euro loan signed last December with the AfDB to strengthen financial inclusion.

The Insurance and Social Welfare Supervisory Authority (ACAPS) is about to launch the long-awaited Inclusive Insurance Barometer. This is a quantitative survey on the access and use of insurance services at the national level, in particular the percentage of Moroccan adults with insurance coverage, the equipment rate and the annual budget allocated by to assure. The survey is also interested in the perception of the level of complexity of the underwriting and compensation procedures as well as the reasons motivating/demotivating the act of underwriting.

The Insurance and Social Welfare Supervisory Authority (ACAPS) continues to contribute to the building of financial inclusion. It has just launched the long-awaited Barometer of Inclusive Insurance project. This is a quantitative survey on access to and use of insurance services at the national level. The project aims to boost inclusion in insurance in Morocco, through the adjustment of the regulatory framework allowing the marketing of accessible and innovative products via distribution channels adapted to the target population, in particular low-income households. income and VSEs. According to ACAPS, financial inclusion – which aims to increase access to and use of quality financial services, including credit, savings, insurance and remittance services – is considered a key catalyst to promote economic development and poverty reduction in Morocco.

However, despite the considerable efforts made in recent years, both by private and public actors, Morocco is still faced with important references, particularly in terms of geographical coverage and spread between genres. Thus the Ministry of Finance and Bank Al-Maghrib have put in place a national financial inclusion strategy, the objective of which is to coordinate actions and define the priorities, roles and responsibilities of the various parties concerned. . This initiative is the first comprehensive financial inclusion strategy in the MENA region. It makes it possible to capitalize on the individual initiatives of the various regulators and financial market players, particularly in terms of SME financing, microfinance, insurance, consumer protection, banking and mobile payment services. It is in this context that ACAPS decided to recruit an expert to conduct a quantitative survey for the establishment of a barometer of inclusive insurance. This barometer will have to be annual, according to this time the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR). The survey questioned at least 3,000 people aged between 18 and 75, at the household level, but also in VSEs and micro-enterprises. It will cover 3 parts.

The first consists in quantitatively evaluating the level of penetration, in particular the percentage of Moroccan adults having insurance cover and the rate of equipment in number of insurance products per insured. Added to the annual budget allocated to insurance coverage per client. The second part concerns the level of use, among other things, the number of declarations of claims over the last 3 years and the associated compensation periods. But not only. This second part is also interested in the perception of the level of complexity of the underwriting and compensation procedures as well as the degree of satisfaction with regard to the quality of service.

As for the third part of the survey, it analyzes the level of knowledge related to the concept of insurance, to the perception of the price of the products as well as the reasons motivating/demotivating the act of subscription. As a reminder, ACAPS, in partnership with the Ministry of Finance, FMSAR, German International Cooperation (GIZ), has already launched in 2019 a study on inclusive insurance in Morocco. The purpose of this study, entrusted to the cabinet développement international Desjardins, was to develop a national diagnosis and to propose recommendations aimed at developing inclusion in insurance in the country.

According to its main findings, about 24% of Moroccan adults hold an insurance product. This figure decreases drastically in poor or rural populations, where only 13 and 11% say they respectively use an insurance product. The main reasons cited for not taking out insurance are low purchasing power, lack of trust in insurance companies and cultural considerations. The study, however, revealed that the demand for inclusive insurance is significant in Morocco and concerns mainly eight target groups. These are unemployed people, young people aged 18 to 25, people aged 65 and over, housewives, low-income households, the informal sector, the rural population and VSEs.

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