Algeria & Morocco Insurance Q1 2021
Morocco's insurance market is one of the most developed in the Middle East and Africa region, and the outlook for thelife and non-life sectors is positive. A return to robust economic growth from 2017, alongside a stable fiscal situation andexpectations the currency will strengthen, has fed into quite bullish forecasts for the market, particularly for the non-life sector.Morocco's life sector still has potential, and the overall sector has been boosted after it was named among Africa's top three fastest-growing reinsurance markets. The prospects for Algeria's underdeveloped life insurance market are less attractive, although far fromnegative. Currency weakness and government austerity look likely to cap premium growth at the mid-single digits in local currencyterms and low single digits in US dollar terms. Both countries will see challenges in their respective insurance sectors due to theoutbreak of the Covid-19 pandemic and the resulting economical repercussions which will dampen growth.
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