This meeting, in which the Moroccan Insurance Federation (FMA) took part, was an opportunity to discuss this subject of common interest and to examine the different paths to continue and stimulate the development of insurance offer in an increasingly competitive environment, as well as actions capable of promoting more effective competition in the insurance sector in the interest of consumers, we indicate in a joint press release.
In this context, the Competition Council focused on competition issues in the insurance sector and the main competitive rules serving the consumer. The President of the Competition Council, Ahmed Rahhou, welcomed the organization of this session which aims, through a participatory approach, to establish a consensual work plan with a view to promoting competition in this market and accelerate the pace of its development.
He underlined the need to strengthen competition as a means of developing the insurance offering both in terms of quality and prices in view of the economic, social and technological changes that the sector is experiencing and the expectations of policyholders.
In this regard, Mr. Rahhou recalled the content of the conclusions of the Council opinion on the state of competition in the insurance market, highlighting the various recommendations issued on this subject with a view to guaranteeing compliance with the competition rules while promoting the competitiveness of economic players and the protection of consumers.
Achieving these objectives requires in particular the revision of the legislative and regulatory framework with a view to relaxing the conditions of access to the insurance market, the implementation of measures to improve the insurance offer, the development competition in certain market segments, the expansion of distribution channels and the strengthening of digitalization, the protection of the consumer in their contractual relationship with the insurer and the improvement of the quality of insurance services.
For its part, ACAPS shared its vision in terms of promoting competition and transparency in the insurance sector and reviewed the main projects it has undertaken as a regulator to support operators in their development. while protecting policyholders.
In this sense, the President of the Authority, Abderrahim Chaffai affirmed that ACAPS, aware that competition is a sine qua non lever for the protection of policyholders, works to preserve a balanced and transparent relationship between players in the insurance sector. insurance companies and their customers, with a view to continuing to establish a relationship of trust between the two parties and, consequently, to develop the insurance activity.
Mr. Chaffai also highlighted certain strategic projects carried out by ACAPS to maintain and promote a healthy and competitive insurance sector, by working to align with international norms and standards in terms of supervision and control and by constantly adapting regulations with a view to encouraging competition and stimulating innovation for the benefit of protecting policyholders and promoting financial inclusion.
In this regard, he cited some strategic projects whose aim is to establish modern supervision and regulation in the service of financial inclusion, such as inclusive insurance, digitalization and innovation in the insurance offer.
For its part, the FMA spoke on the evolution of the insurance sector in a competitive environment and addressed some points raised by the opinion of the Competition Council on the state of competition in the insurance market.
On this subject, the President of the Federation, Mohamed Hassan Bensalah, welcomed the particularity of the approach adopted by the Competition Council, as well as the perspective it has which is capable of bringing real added value to the vision of the FMA, its reflections and, ultimately, the insured.
Considering that trust between insurers and policyholders is an essential pillar of insurance activity, Mr. Bensalah reiterated the FMA’s commitment to fostering an environment marked by healthy and sustainable competition, for the benefit of customers.
He also noted that some of the subjects addressed in the Council’s opinion related to the regulation and direction that ACAPS wishes to give to the insurance sector, while others directly concerned market players.
In this context, Mr. Bensalah underlined the FMA’s support for a large number of the proposals made by the Competition Council, specifying that with regard to most of the recommendations, projects are already open while others others are identified as areas for improvement in the medium term.
This meeting results from the common desire of ACAPS and the Competition Council to maintain and increase free and fair competition within the insurance sector.
It is part of the implementation of the agreement, signed on October 7, 2021, between the two institutions and which concerns the mutual strengthening of collaboration around competition issues in the insurance sector with a view to support its stakeholders in the application of the obligations incumbent on them under the legislation in force.