Participation of ACAPS in the work of AFIRC

The Supervisory Authority for Insurance and Social Welfare (ACAPS) took part in the 3rd edition of the Arab Forum of Insurance Supervisors (AFIRC) which was held in Tunis on 25 and 26 April 2016. This year's theme is "The Development of the Insurance Industry in MENA: Requirements and Tools".

During this meeting, the debate focused on inter-Arab cooperation in the field of insurance and the means to be put in place to ensure better coordination between supervisors.

On the sidelines of the forum, Mr. Hassan BOUBRIK, President of ACAPS and Mr. Hafedh GHARBI, President of the General Insurance Committee (CGA), have proceeded to the signing of an exchange of information agreement.

This convention aims to promote cooperation and development between Morocco and Tunisia, as well as improving the effectiveness of the application of the prudential laws specific to each country.

It also aims to ensure the protection of the insured and insurance policyholders and to promote the integrity, stability and efficiency of the insurance sector.

The development potential of the MENA region in terms of insurance is important since its average penetration rate does not exceed 1.6% of GDP compared to a world rate of 6.2%. With 32 billion dirhams of premiums issued in 2015, the Moroccan market occupies the second place on the African continent and the third in the Arab world.