The Casablanca Insurance Meeting, organized by the Moroccan Insurance Federation (FMA), celebrates its 10th this yearth anniversary, with a success that has never wavered since the first edition, for a total of more than 10,000 participants and 350 speakers from 48 different nationalities. For the occasion, it gave itself a new logo, in line with the transformation of the ex-FMSAR into FMA.
This 10th edition opened this Wednesday, April 17, 2024, under the High Patronage of King Mohammed VI. This year, the chosen theme is “What insurance in a world of uncertainties?” », which particularly resonates in the current context of global challenges and rapid transformations.
The opening ceremony brought together leading figures from the financial and insurance world, including Ms. Nadia Fettah, Minister of Economy and Finance, Mr. Mohamed Hassan Bensalah, President of the FMA, Mr. Abderrahim CHAFFAI, President of ACAPS, and Mr. Khaled AL-BADI, Chairman of the Board of Directors of the Emirates Insurance Association (EIA), country in the spotlight this year.
Mr. Bensalah took the floor to underline the role of insurance as a pillar of the economic and social life of citizens: “Insurance is more than ever on the front line. It accompanies our fellow citizens from birth and throughout their lives,” he said. He discussed the various facets of insurance, from protection against unforeseen events to contributing to the peace of mind of policyholders in critical moments.
The FMA President highlighted the current challenges facing the sector, such as climate risks, geostrategic tensions, pandemic risks, and the acceleration of technological innovations. “Beyond risk, it is the uncertainty of the world we live in that poses major challenges to our industry,” he explained, putting into perspective the results of a recent report from the World Economic Forum which highlights disinformation as one of the major global risks, exacerbated by artificial intelligence.
One of the highlights of the discussions was the importance of expanding insurance coverage to a larger portion of the population. Mr. Bensalah emphasized the lessons learned from recent disasters, such as the Al Haouz earthquake, to argue for the obligation of certain coverages to guarantee better protection of citizens.
Ms. Fettah, for her part, underlined the crucial importance of the sector in Morocco’s financial inclusion. “The insurance sector plays a crucial role in financial inclusion, particularly in terms of financing, which contributes to the economic and social development of the Kingdom,” she said. She also announced the creation of a commission bringing together insurance players to explore new avenues and push the boundaries of this sector.
For his part, Abderrahim Chaffai discussed the progress made in the insurance sector while highlighting the persistent challenges due to the increase in risks.
Mr. Chaffai stressed that this edition was crucial to understanding and addressing the uncertainties weighing on the sector, requiring increased adaptation and agility on the part of insurers. He highlighted the importance of transforming emerging risks into opportunities, particularly those linked to health crises, climate change, natural disasters, and technological and geopolitical upheavals. He insisted on the need for the sector to find a new balance between these risks and resilience, in a context that transforms expectations and modifies markets.
To address these challenges, he clarified that ACAPS promotes a forward-looking management strategy to respond appropriately and timely to crises, emphasizing the importance of international cooperation in a globalized and rapidly evolving market.
He also mentioned that, despite a difficult economic context marked by inflationary pressures due to various global shocks, the insurance sector in Morocco has maintained positive growth dynamics and solvency above regulatory requirements. However, he reiterated the need for insurers to remain proactive and vigilant to navigate this uncertain environment with confidence.
Mr. Chaffai urged the insurance sector to reinvent its development models to continue to play a vital socio-economic role in a world marked by uncertainty, by transforming new risks into opportunities and supporting insurance in its role as a shock absorber for economic shocks.
The inaugural session was also marked by the signing of a technical agreement between the FMA and the EIA. This collaboration aims to improve the insurance industry in both regions through sharing experiences and implementing best practices.
The Casablanca Insurance Meeting aims to be a crossroads for the exchange of ideas and adaptation to new economic and social realities. This edition’s debates and panels focus on key issues such as innovation in insurance products, improving resilience to natural and technological risks, and strategies for greater financial inclusion.
Selim Benabdelkhalek
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– 2024-04-17 21:56:51
