25 August, 2020

Best’s Market Segment Report: The Maghreb – One Region, Three Unique Insurance Markets

LONDON--(BUSINESS WIRE/AETOSWire)-- Despite their geographic proximity and many

commonalities, the insurance markets of Morocco, Algeria and Tunisia have significant

differences – economic, demographic and cultural. A new AM Best report, “The Maghreb – One

Region, Three Unique Insurance Markets,” examines the long-term prospects of the three

insurance markets of the Maghreb region.

Over the past five years, all three Maghreb insurance markets have demonstrated solid growth

trajectories, above global market averages. That trend is expected to persist, despite the near-

term challenges of the COVID-19 pandemic and the associated economic downtown.

However, AM Best in its Best’s Market Segment Report notes there are numerous challenges in

the short- to medium-term, which have the potential to limit the region’s insurance expansion.

These challenges include political and economic pressures, the population’s negative perception

of insurance and the evolving nature of regulatory and governance frameworks. In addition, the

COVID-19 pandemic, and its knock-on effects on financial markets and economies worldwide,

is expected to adversely impact the growth prospects of local insurers in the near term.