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Algeria and Morocco Insurance Report Q2 2016

Algeria and Morocco Insurance Report Q2 2016

BMI View: Insurance is a rapidly growing industry in both Morocco and Algeria, and both markets areexpected to record solid premium growth throughout our forecast period between 2016 and 2020. Much ofthis growth will be driven by improvements in the wider domestic economies, as unemployment rates falland household incomes rise, leading to increased disposable income available for spending on a range ofinsurance products. Developments in terms of the availability and affordability of insurance products willalso support growth, as insurers expand bancassurance distribution channels and develop more productlines, including takaful and microinsurance products. Morocco's insurance market will remain the largestof the two, benefiting from a more substantial presence on the part of regional and multinational insurers.

Key Updates And Forecasts

Non-life insurance accounts for the bulk of the market in Algeria, representing almost 95% of premiumswritten in 2016. We expect to see steady growth in the non-life sector, led by property and motorinsurance, with overall non-life premiums rising from USD1.2bn in 2016 to USD1.5bn in 2020.

The smaller life sector in Algeria will see slightly faster growth, with premiums written increasing by anaverage of 6.5% annually (in local currency terms) between 2016 and 2020, though penetration(premiums against GDP) and density (premiums per capita) rates will remain minimal.

The non-life market in Morocco is also larger than the life sector, though the divide is slightly morebalanced, with non-life insurance accounting for nearly 70% of premiums written in the country. Non-lifeinsurance in Morocco is expected to grow from USD2.2bn to USD3.1bn between 2016 and 2020.

The life market in Morocco is expected to grow at a slower rate than the non-life sector, averaginggrowth of 3.6% annually over the forecast period (in local currency terms), leading to total premiums ofMAD11.9bn (USD1.3bn) in 2020.


BMI Industry View
Table: Headline Insurance Forecasts (Algeria 2013-2020)
Table: Headline Insurance Forecasts (Morocco 2013-2020)
SWOT
Algeria Insurance SWOT
Morocco Insurance SWOT
Algeria Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Algeria 2013-2020)
Table: Life Insurance Claims (Algeria 2008-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Algeria 2013-2020)
Table: Non-Life Insurance Claims (Algeria 2009-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Algeria 2013-2020)
Morocco Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Morocco 2013-2020)
Table: Life Insurance Claims (Morocco 2008-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Morocco 2013-2020)
Table: Non-Life Insurance Claims (Morocco 2009-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Morocco 2013-2020)
Insurance Risk/Reward Index
MENA Insurance Risk/Reward Index
Table: MENA Insurance Risk/Reward Index - Q216
Market Overview
Algeria Market Overview
The Product Offering
The Competitive Landscape
Morocco Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market, 2007-2014 (USDmn)
Table: Non-Life Insurance Market, 2007-2014 (USDmn)
Company Profile
Wafa Assurance
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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