It’s no secret that Moroccan insurance companies are keen to develop their business on the African continent and they have been employing aggressive strategies to woo African consumers. They have copied the methods used by banks and Telecom companies to generate growth, particularly in Francophone Africa.
Their ambitions have risen to a higher level since King Mohammed VI’s visits to sub-Saharan Africa earlier this year. Investment has been led by the banking sector but the insurance sector has been the guarantor of capital. Moroccan insurance companies have gone beyond that by repurchasing old-established companies in key markets, as we saw when the Saham Group repurchased the West African Colina. Similar transactions have meant that some Moroccan companies have been able to establish themselves in strategic markets and set up their own operations, rather than simply exporting their knowledge and services. Other companies operate through partnerships on the ground or are establishing their presence through a banking network.
The key factor is that Moroccan companies have been ‘infiltrating’ the rest of Africa in the last five years. They now have a presence throughout French-speaking Africa and are making inroads into the English-speaking African markets.
Frequent visits to sub-Saharan Africa by King Mohammed VI in that time have created strong diplomatic ties, which have supported the efforts of Moroccan companies to showcase their brands in the region. Here are some of the key players to pay attention to.
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