Morocco hosts November the 4th and 5th 2013 in Marrakech, the Conference of the Arab Forum of Insurance Regulatory Commissions (AFIRC). This second edition brings together regulatory bodies and representatives and stakeholders in the insurance sector in the (MENA) region.
The opening ceremony was characterized by the speech of the Minister Delegate at the Ministry of Economy and Finance, in charge of the Budget, Mr. Driss El Azami El Idrissi, as well as the speech of the Deputy Secretary General of the International Association of Insurance Supervisors, Mr. George Brady, the President of the AFIRC and the CEO Insurance Supervision, the Saudi Arabian Monetary Agency, Mr. Khaled Al Thieb, and the President of the Moroccan Federation of Insurance and Reinsurance Companies , Mr. Mohamed Hassan Bensalah.
This conference, in which approximately 200 experts and decision makers of the insurance market in the Arab countries take part, was characterized by the presentation of a report analyzing the insurance markets in the MENA region as well as the debates which focused particularly on the challenges and opportunities presented to the regulators and to the insurers, the distribution issues and the reinsurance risks in the region.
With an average penetration rate of 1.3% in GDP in the MENA countries, against a global rate of 6.6%, the insurance market in the MENA region presents great opportunities for development. This growth can be a driving force for savings mobilization for the profit of the economies of the region. The strong development of the sector will also benefit the people and businesses throughout the coverage of the various risks faced.