News MiddleEast03 Jun 2018

Morocco:Brokers demand more fees from insurers

03 Jun 2018

The National Federation of Insurance Agents and Brokers in Morocco (FNACAM) has demanded that insurers pay the intermediaries more for placing business with the latter.

FNACAM wrote a letter addressed to the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), seeking claims a lump sum payment of MAD250 ($26.35) for handling each vehicle insurance claim, as well as higher motor commission rates, reports The 360.

"We were very disappointed to see our insurer friends insensitive to the financial difficulties faced by insurance intermediaries," said the letter signed by the president of FNACAM, Khalid Aouzal.

The letter was sent a few days after a meeting on 1 May between FNACAM and FMSAR which resulted in the establishment of a bipartite commission dedicated to the drafting of a code of ethics.

FNACAM referred to the MAD4.3 billion profits posted by insurers in Morocco in aggregate for 2017, to justify its demand for higher remuneration from insurance companies.


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