The Saham Assurance Group held a conference on Thursday, June 16 at the Mövenpick in Casablanca, in the presence of the group’s CEO, Yahia Chraibi. The opportunity to announce the change of the group’s name, from Saham Assurance to Sanlam Morocco, following the acquisition of the majority stake of the South African player in the capital of Saham Assurance in 2018.
The band will officially bear their new name this Thursday evening, June 16th. It will air commercials to inform the public of this brand change. The management, present at the event, assured that the management would remain Moroccan and that customer care would remain the same despite the change of flag.
Management addressed various topics concerning the Sanlam Morocco group and its performance in the current tense context. As a reminder, the insurer displayed the best growth in the turnover of listed insurers at the end of March, with an improvement of 8.1% compared to the end of March 2021 to 2 MMDH. In detail, Non-Life revenue increased 10.3% to 1,794 MDH and Life revenue decreased 5.2% to 251 MDH.
“This growth dynamic is in line with the continued growth in the last quarter of 2021. It is due to a good renewal of contracts and good performance across all branches,” said Yahia Chraibi. general manager of Sanlam Morocco. The group indicated a 15% increase in a network enterprise, new synergies developed with major Sanlam shares, which allows it to better respond to market demand.
Yahia Chraibi also mentioned the impact of the complex economic situation on the group’s placement strategy. Despite the poor performance of the Moroccan stock market and a MASI down more than 8% in YTD, the group bends the spine. «Strategic adjustments regarding the investments were made when Sanlam arrived in the capital. This is where we changed some exposures and tried to smooth the risk. It is a process that is still underway and leads us to move a little closer to the bond to try to limit volatility. In fact, bond rates are low and the stock market is doing poorly. So we turn our backs on it and approach it with resilience, ”he tells us.
Management is also revenue from various aspects, which is turning into the Moroccan insurance industry.
Opportunities for change in the industry
The insurance sector is connected to the effects of certain changes this year, in particular with the arrival of compulsory health insurance (AMO), Takaful insurance offers and, more recently, the announcement by the Insurance and Social Security Supervisory Authority (ACAPS) of the new instruction on electronic devices for the online sale of insurance products.
This possibility is offered to insurers who will be able to execute the request to the regulator from next July 1st. On the subject, Sanlam Morocco is in pilot phase and made the request as soon as he had the opportunity. Asked about this new way of selling insurance products, Yahia Chraibi reminds us of the following: “Saham Assurance has positioned itself in this direction since 2008, but the legal framework was not yet there. »
To ensure this new possibility of developing new types of products, without obligations. “It should be noted that in Morocco, unfortunately, insurance sales are mainly made up of compulsory insurance. The idea is also to democratize insurance that is not. Je pense à l’assurance multirisque habitation, which offers a certain comfort for the customer and limits the risks. We set up an online store to promote these products. This announcement by the regulator is clearly an opportunity to expand the panel of offers and products, ”says Yahia Chraibi.
The group, like other players in the sector, will be able to benefit from the launch of participatory insurance Takaful this year. As a reminder, these insurance offers concern three products: “death” insurance, “multi-risk housing” building risks and savings. “We have already set up an entity called Sanlam Takaful which deals with the Takaful business. Today, all Takaful activity is related to bancassurance. It is not generalized to all products; it will start with loan coverage, ”said Mohamed Afifi, managing director.
Sanlam Maroc (formerly Saham Assurance, ed.) Has partnered with Crédit du Maroc (CDM) to develop bancassurance. “With the announcement of CDM and the merger with the Holmarcom group, we preferred, for this activity, it started with the acquiring group, this is normal. On our side, we work on alternatives. When we have another banking partner, we start like everyone else, ”he says.
The activity represents an interesting opportunity for the insurer, giving it access to a part of the population that does not adhere to conventional insurance. “A large part of the population does not take out insurance, out of conviction. Takaful activity allows you to face this barrier and access this category of insecure people. Elle nous will help improve the penetration rate. This activity will start as soon as we are solicited by a banking partner, ”concludes Mohamed Afifi.