ACAPS publishes the results of the Inclusive Insurance Barometer

The Supervisory Authority of Insurance and Social Welfare (ACAPS) conducted a quantitative survey on the access to and use of insurance services among the Moroccan population as well as among very small enterprises (VSEs) operating in trade, handicrafts or services.
Called "Barometer of inclusive insurance", this penetration survey has made it possible to identify the levels of knowledge, penetration and use of insurance products among two representative panels composed of 2,484 and 615 respondents respectively.

It should be noted that this survey was conducted in all regions of Morocco, both in urban and rural areas, during the fourth quarter of 2022. It is part of the National Strategy for Financial Inclusion, which aims to promote access to and use of quality financial services, particularly savings and insurance, as a key catalyst for economic development and poverty reduction in Morocco.

Individuals: Key insights 
The survey shows that the penetration of insurance products, excluding car insurance, is low among individuals. Indeed, while 26% of respondents said they had automobile insurance, only 6% said they had a savings product (retirement, capitalization or education), 4% had a home insurance product, 3% had a death insurance product (term or loan), 3% have a supplementary health insurance product with a private insurance or reinsurance company (compared to 32% of respondents who said they had compulsory health insurance) and less than 1% said they had another insurance product (assistance, disability insurance, insurance for sports and leisure activities, etc.). ).  

In terms of awareness, car insurance comes in first place with 83% of respondents having said they were aware of this product even though they do not necessarily benefit from it, followed by retirement savings (54%), home insurance (50%), supplementary health insurance with a private insurance and reinsurance company (43%), temporary death insurance (41%) and less than 30% for other insurance products. 
Individuals' interest in different insurance products varies considerably from one product to another. For example, the products in which respondents are most interested are agricultural insurance (71%), retirement savings (63%) and health insurance (56%). On the other hand, the individuals surveyed show little interest in insurance related to sports and leisure activities, life insurance and assistance (less than 40%).

As for the main obstacles cited by those who are not interested, these are the fact that they do not feel the need, do not have sufficient income or lack information on the products in question. Indeed, the price ranges of insurance products in particular are unknown to the majority of the individuals surveyed, except for car insurance, where 41% of respondents say they have a good knowledge of its rates, compared to less than 14% for other products. 
The Inclusive Insurance Barometer also shows that individuals' perception of the complexity of the procedures for subscribing to insurance products varies according to the product. For example, taking out car insurance is considered simple, unlike life insurance or savings/capitalization.
In terms of access to information, the insurance agent or broker is the preferred source of information on insurance products (54%), in addition to other sources, notably television (39%), the Internet, especially via Google (28%) and social networks, mainly Facebook (27%). 

MSEs: Key insights 
The penetration of insurance among very small businesses is generally higher. Indeed, 44% of the respondents stated that they had automobile insurance, 29% had workers' compensation insurance, 22% had comprehensive business insurance and 17% had liability insurance, 9% have a supplementary health insurance product with a private insurance or reinsurance company (compared to 63% of respondents who said they had compulsory health insurance), 8% have a retirement savings product, 5% have a death insurance product (term or loan) and less than 2% said they had another insurance product.  

In terms of awareness, automobile insurance is in first place with 92% of respondents stating that they are aware of this product even though they do not necessarily benefit from it, followed by workers' compensation insurance (79%), multi-risk professional insurance (66%), retirement savings (62%), supplementary health insurance from a private insurance or reinsurance company (60%), term life insurance (49%), civil liability insurance (41%) and less than 40% for other insurance products (disability insurance, agricultural insurance, etc.). ).  

MSEs' interest in the various insurance products varies considerably from one product to another. For example, the products that arouse the most interest among those surveyed are industrial accident (67%), comprehensive business insurance (59%) and civil liability (55%). Conversely, the very small companies surveyed show little interest in death and disability insurance (less than 40%).

As far as the main obstacles are concerned, the VSEs not interested in insurance mainly cite the fact that they do not feel the need for it, do not have sufficient income at company level or lack information on the products in question. Indeed, the price ranges of insurance products in particular are unknown to the majority of respondents, except for car insurance, where 66% of respondents say they have a good knowledge of its rates, compared to less than 30% for other products. 
As far as procedures are concerned, VSEs consider the purchase of car insurance to be simple, while retirement savings, disability insurance and death insurance are considered to be more complex.
When it comes to accessing information, MSEs' preferred sources are insurance agents and brokers (67%), in addition to other sources, including the Internet (40%), social networks (29%) and bank advisors (24%).