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BMI View: We retain the view that the Moroccan and Algerian markets are both set to see solid premium
growth in their insurance industries over the course of our forecast period out to 2020. Key drivers
underpinning growth will be the strengthening of the countries' broader economic prospects, as this will
lead to improved employment rates and a significant growth in disposable household income levels,
resulting in increased affordability of insurance solutions. The expansion of bancassurance distribution
channels and new product development, such as takaful and microinsurance in particular, will enable
insurers to reach the countries' growing customer pools.
Key Updates And Forecasts
? The Algerian insurance industry is set to grow by 6.6% in local currency terms with premiums reaching
DZD125.3bn. Due to ongoing currency fluctuations; this will result in a US dollar contraction of 2.3%
with premiums reaching around USD1.1bn.
? The Moroccan insurance industry is displaying promising growth prospects and we hold a robustly
bullish view going forward. We are of the opinion that the Moroccan insurance industry will grow by
5.8% in local currency terms with premiums reaching MAD31.8bn, translating into US dollar
denominated growth of 4.4% with gross underwritten premiums reaching USD3.2bn