Moroccan insurance sector achieves $1.3 billion in sales in 2003

The sales of the insurance sector in Morocco increased from 10 billion Dhs (US $1 billion) in 2000 to nearly 13 billion Dhs (US $1.3 billion) in 2003, that is a 30 percent rise, said the Moroccan federation for insurance companies.

During a meeting of the advisory committee for insurances (CCA) the Federation's president, Azeddine Guessous, said there is an "upsurge in life insurance" that represents at present almost the third of activities in the sector.

In the same connection, Guessouss recalled that reinsurance conditions were toughened after 9/11 attacks which led Moroccan insurers to introduce important restrictions on coverage for risks of attacks, terrorism and sabotage.