Atlas Magazine

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Atlas Magazine
Press review & General information
Insurance news from Africa and the Middle East
Summary
Event
Floods in Tunisia
Page 1: Event, Floods in Tunisia
Insuring the risks of natural
disasters in the Maghreb
Insuring the risks of natural
disasters in the Maghreb.
Page 2-3: Focus,
The Reinsurance Market:
Results and Prospects
Page
4-5-6:
Insurance news
worldwide.
Page 7: Focus, The Federation
of African National Right
Insurance companies (FANAF)
Page 8-11 Atlas,
Special Morocco
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The insurance market:
Main features
2002 Turnover
Main events in 2003
The new Insurance Code
Major insurance leaders
The Maghreb has always been highly exposed to the risk of natural
disasters, in particular floods and earthquakes:
In November 2001, the floods which badly hit Algeria registered 800
human losses and millions of dollars in material damage for the city of
Algiers alone.
In November 2002, floods submerged the regions of Mohammedia and
Settat in Morocco.
Finally on September 17-18 and September 24 2003, it was the turn of
Tunisia to fall prey to the most devastating floods in decades. The floods
paralyzed Tunis and its surroundings and caused important damages to its
infrastructure and dwellings.
For a long time, Maghrebian insurers have considered disaster risks as
uninsurable, and this for three main reasons:
First, the lack of adequate resources to face substantial cumulative risks,
all the more so since reinsurance companies have balked at assuming risks
and have imposed their conditions: rates, follow-ups, statistics etc…
Second, the absence of choice concerning disaster risk policies: only the
most exposed moral or physical persons can receive coverage.
Third, the difficulty to set a price for that particular risk category.
Since insurance and reinsurance companies lack the funds or the means
to establish an extensive mutual system of homogeneous risks with a wide
spectrum, the solution rests with the state, the only institution with the
statutory instruments available to guarantee the insurability of risks.
The state can intervene on two levels:
• To generalize disaster risk coverage by extending guarantees to base
premiums and introducing mandatory coverage.
• To create compensation mechanisms and regulatory agencies.
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Focus
The Reinsurance Market
Results and Prospects
The crisis of the reinsurance market is deepening.
After the disasters of 2001 and 2002, and the collapse of
the stock exchange rates, insurers and investors are
losing confidence in the capacity of reinsurance
companies to meet their commitments.
I - The reinsurance market in 2003
Perspectives for 2004
Due to the favorable technical results registered in the first
semester of 2003, and the world economic recovery, hopes
are on the rise for reinsurance companies.
Favorable technical results
Unfortunately, not all reinsurers have experienced a recovery: The first major reinsurance company, Munich Re,
shows downward figures. Other companies still have difficulty returning to positive results.
The quiet after the storm
Both insurers and reinsurers are looking for a
consensus. This status quo is a sign that the situation would
not greatly affect insurance conditions and rates. Case-bycase adjustments, however, remain inevitable.
Following the long-awaited recovery of 2003,
reinsurers specialized in the coverage of natural disasters
have made a comeback on the market. Unless major
disasters occur in the coming weeks, a rate decrease in the
coverage of natural disasters should be expected for 2004.
But even in case of last-minute disaster, the addition of
funds resulting from the Bermudian comeback would have
the advantage to limit the rate increase.
Rating agencies
Stepping down from their status of ally, which used
to be the norm in the years of prosperity, rating agencies
represent today a danger for reinsurers, who face an
unprecedented crisis.
By questioning the financial solvability of major economic
reinsurance companies and by discrediting the entire
profession, quotation agencies have instilled feelings of
doubt and suspicion among insurers toward reinsurers.
Insurers and investors no longer hesitate to question the
capacity of reinsurers to face their commitments.
Capital increase
To make up deficits and start financial recovery, some
reinsurers are resorting to stockholders’ equity to raise their
capital.
If some stockholders have agreed to concede an additional
effort, others are refusing to commit themselves any further
in a sector that is still registering weak results.
Some insurers “for sale’ cannot even find a buyer.
The insurers’ clout
Since the early 1990s, globalization has made possible for insurers to build much more powerful financial empires than those of the reinsurers.
Facing the insurance giants, reinsurers can no longer impose their conditions.
To protect their subscriptions, major direct insurance
groups may increase their retentions or look for other solutions outside the traditional reinsurance market.
As a result, a hardening of renewal conditions would
reduce police funds, which reinsurers need to rebuild their
provisions.
Reinsurers are thus obliged to compose with the market,
and will probably choose to loosen their grip on some insurance sectors.
II - Renewal in Africa
and the Middle East for 2004
Despite world economic recovery, 2004 renewal is likely
to pose a few problems for the emerging countries of Africa
and the Middle East.
In those markets, traditional reinsurers have increasing
difficulty accepting disproportionate policies that propose
weak retentions or ill-defined risks.
Looking for better policies during the 2004 renewal is very
likely to impose fee reductions, retention increases and a
reduction of the capacity.
Reinsurers will also be more demanding as regard policy
underwriting, and several limits and exclusions are likely to
be imposed.
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Reinsurance
The first semester 2003 registered favorable
technical results for the entire reinsurance market.
The important adjustment work started by the reinsurance companies during the years of crisis is bearing
fruit: decrease in cumulative ratios, result upturn in the first
semester of 2003, consolidation of the technical provisions, …
The comeback of the Bermudians
Focus
The hardening trend in the reinsurance conditions
for Africa and the Middle East will be more strongly
marked for third-party liability, causing, among other
points, the gradual disappearance of the unlimited motor
liability in countries that have adopted the French legislation.
As for retrocession, the impossibility to manage and to keep
their commitments will lead insurers to refuse this type of
policy.
In 2004, national reinsurers, used to retrocede their
local or international acceptances, may well have difficulty
finding ideal retrocession conditions.
Major Brokers
Some specific markets will have difficulty finding
good financing capacity. They will resort more than usual
to brokers to help them place their risks.
As a result, some brokers may consolidate their positions,
in particular NASCO, UIB, Willis Faber, Guy Carpenter
and AON.
Finally, reinsurers will encourage the sale of nonproportional coverage, a sign of further defiance toward
local markets.
IV. Countries with difficult
prospects of renewal
This shift that some think irreversible may question
the very existence of insurers who used to retrocede an
important part of their premiums and to benefit from high
fee differentials.
Due to the socio-economic crisis and unfavorable
results they have registered, some countries will
undoubtedly face a difficult renewal.
Libya, on the other hand, may witness a recovery of
activity, due to the lifting of economic sanctions, adopted
by the United Nations.
Atlas Conseil International
III. Main actors in the Africa
and Middle East region
Major reinsurers
The following reinsurers are particularly active:
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Swiss Re
Munich Re
ERC Frankona
Hannover Re
Allianz
Converium1
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SCOR
CCR (France)1
ARIG
Best Re
Africa Re2
Under pressure from the stockholders and their
general management, European reinsurers may well adopt a
very selective underwriting policy. This position taking will
not prevent some new companies from increasing their
portfolios.
Reinsurers specialized in a region, such as Best Re, Arig
and Africa Re, will have an interesting card to play. These
companies who, for several years, have imposed their
presence on the market can take advantage of a “loyalty
premium,” on the part of their partners. Consequently, they
are in a favorable marketing situation.
To note, Med Re, recently established in the Africa
and Middle East region, will start its international
underwriting January 1, 2004.
_________________
(1)
(2)
Activity centered on the Middle East
Activity limited to the Middle East
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Reinsurance
In that case, insurers should increase their capital
and start a rigorous reorganization of risks. Reinsurers
would still fix the intervention threshold, the coverage limits and the rates.
News
Africa
Gabon
Reinsurance: The “9th Reinsurance Forum”, organized by the Organization of African Insurance Companies (OAA), will be
held in Libreville October 5-7, 2003.
Mauritius
Technology: The insurance company Albatross has chosen PREMIA, a solution of the company “ICICI Infotech Middle
East and Africa” to manage its information system.
Nigeria
Energy: The leading Nigerian insurance companies will increase the underwriting capacity for energy risks. An agreement
has already been signed between National Insurance Company of Nigeria (NICON) and four other companies. This agreement will revive the Nigerian pool for petroleum and energy.
Legislation: The Nigerian Insurers Association has announced that procedures rendering mandatory the insurance of
buildings in construction and public buildings are being elaborated and may be implemented as of January 1, 2004
Motor insurance: Complete implementation of the Cedeao Brown Card (Carte Brune Cedeao) a mandatory international
motor insurance for Gambian and Senegalese car drivers traveling to Senegal or Gambia.
The insurance company Sosar Al Amane, a branch of the reinsurance group Best Re in Tunis, has inaugurated its new office
in Mbour (80 kms south of Dakar).
South Africa
Quotation: Standard and Poor’s has increased Api’s “Mutual and Federal rating” to “Strong” The new rating reflects
the company’s good financial health and excellent market position.
Results: The major damage insurance companies have registered their best results in more than 10 years. Despite
encouraging results, 6 small companies out of a total of 23 continue to show losses for the first six months of the year.
The Maghreb
Algeria
Legislation: On September 14, 2003, the Council of Ministers has adopted a bill relative to mandatory insurance as regards
natural disasters and victims’ compensation.
Marine insurance: The airline company Air Algeria has entrusted its fleet insurance to an insurer group: The National
Insurance Company (SAA) and the International Insurance and Reinsurance Company (CIAR)
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Insurance News
Senegal
News
Morocco
Technology: The insurance company CNIA, a branch of the group ARIG, has now an extranet connecting its networks of
agents, brokers and offices to the head office.
Bancassurance: The Direction of Insurance Companies and bancassurance companies have held several meetings to find a
solution to the problem presented by Article 109 of the Insurance Code relative to banks’ retribution in matter of group
insurance. A solution to bring all parties in agreement, including the Direction of Insurance Companies, is under way.
Tunisia
Best Re: The reinsurance company Best Re has expanded its network with the opening of two representation offices and a
branch in 2003. The offices are located in Manila (the Philippines) and Bangkok (Thailand) and are managed respectively by
Mr. Art J Dimapilis and Mr. Pallop Isaranlura.
The branch will be inaugurated January 11, 2003, in Istanbul and will be headed by Mr. Abdelhafidh Hachani.
Bancassurance: Discussions to set up a Bancassurance convention are under way between the Tunisisan Federation of Insurance Companies (FTUSA) and the Bank Professional Association (APB). The final agreement could well be signed at the
end of the year.
Training: In September 2003, the FTUSA started a bancassurance training session for bancassurance life products,
scheduled to end in mid-2004.
Conference: The next African Insurance Organization (OIA) conference will be held in Tunis in 2004.
Bahrain
Results: A 16% turnover increase on the insurance market in 2002, amounting to 68 million BHD (180.4 million USD).
Fire insurance premiums registered a sharp increase, with 13.02 million BHD (34.5 million USD) in 2002, against 8.67
million BHD (23 million USD) in 2001.
Publication: Early September, Arig published the 6th edition of its insurance companies directory. This directory is available
online, www.arig.com.bh or on CD-rom.
Appointment: Mr George Saadé has been appointed manager of the Division “Corporate Communications” of the Arig
Group.
Jordan
Jordan Insurance Company and Middle East Insurance Company have jointly announced a capital increase for their branches
in Saudi Arabia, in application of the recently adopted legislation. The law requires that the capital of insurance companies
operating in Saudi Arabia should not be inferior to 100 million Rials (26.7 million USD).
Lebanon
Appointment: Elie Ziadé was reelected for the fourth time as the president of the Insurance Brokers Syndicate. The other
members of the executive board are Pierre Bechouati, Fadi Khoury, Joseph Rizkallah, Selim Yared, Antoine Eddé and Fayez
Chehab.
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Insurance News
The Middle East
News
Oman
Oman National Insurance Company: In accordance with its strategy of investment diversification and reorientation, ONIC
is seeking new investment opportunities through acquisitions in Oman and the Gulf. Theses acquisitions and investments
include not only insurance, but also other financial services.
Saudi Arabia
Health Insurance: Beginning of the second phase of the mandatory Health Insurance Plan for Saudi expatriates. This phase
will extend to all the companies of 100 to 500 employees. The first phase of the Plan concerned companies with more than
500 employees.
United Arab Emirates
Bancassurance: Oman Insurance Company has just signed an agreement with MashreqBank to sell bancassurance products.
Publication: A new monthly magazine, Policy, specialized in insurance, has recently been launched. It will be distributed in
11 countries of the region.
After “Al Bayan “(Lebanon), Policy is the second magazine specialized in insurance in the Middle East.
Brokerage: AON Corporation has announced the creation of AON Re Global, which will manage all of AON reinsurance
operations in the world.
Reinsurance: The transfer of Life SCOR, the life reinsurance branch of SCOR, follows its course. Several interested
reinsurers have already launched their bids.
Disaster: The typhoon Maemi, that hit South Korea September 12-13, 2003, has caused the death of 90 people. Damages are
estimated at 1.16 billion USD.
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Insurance News
Worldwide
Focus
FANAF
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FANAF: African Federation of National Right Insurance Companies.
Created on March 17, 1976 in Yamoussoukro (Côte d'Ivoire)
Head Office: in Dakar, Senegal
Regroups 106 insurance and reinsurance companies operating in the following countries: Benin, Burkina Faso, Cameroon, Centrafrica, Congo, Côte d'Ivoire, Democratic Republic of Congo, Gabon, Guinea Conakry, Mali, Mauritania, Niger, Nigeria, Rwanda, Senegal, South Africa, Chad, Togo, Tunisia.
Mission Statement
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The promotion of insurance and reinsurance in Africa.
The representation and defense of the profession’s interests.
The creation of reflection and cooperation structures interested in insurance and reinsurance.
The training of insurance employees.
The publication of journals, documents and brochures about insurance and reinsurance.
The vulgarization of insurance and reinsurance.
The promotion of professional relations among member companies.
FANAF Authorities
FANAF
The General Assembly
It regroups all the member companies.
Each company is represented by a member.
The General Assembly of the Federation usually meets once a year.
It is chaired by the President, or the Vice-President if needed.
It takes care of all the questions relative to the functioning of the Federation such as:
• elects the members of the Executive Board;
• fixes the main orientations of the Federation;
• approves the financial statements;
• fixes membership fees;
• modifies statutes;
• votes any resolution that does not fall under the competence of another body;
• appoints auditors.
The Executive Board
It is made up of five to seven members: a President, a Vice President, and three to five members.
As the executive body of the Federation, the Excecutive Board:
• sees that decisions made by the General Assembly are executed;
• makes decisions in the interval of General Assembly meetings;
• rules on membership applications;
• makes proposals to the General Assembly regarding statute changes.
The Permanent Secretariat (executory body)
The Permanent Secretariat represents the Federation. Its mission is to:
• execute the decisions of the General Assembly;
• communicate the resolutions of the General Assembly to the members;
• collect, publish and distribute any useful information on insurance;
• prepare the organization of the general assemblies in cooperation with the Executive Bureau;
• execute technical and administrative tasks requested by the organization;
• repare all the technical reports and surveys requested by the organization;
• execute any other task that the Executive Board and
the Magazine
Generalest
Assembly
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Atlas
MOROCCO
Insurance market in 2002
Features:
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Written premiums in 2002: 1.2 million USD (Non-life: 796 million USD / Life: 406 million USD
Second African insurance market after South Africa; second Arab market after Saudi Arabia.
Insurance density: 38.78 USD (Non Life: 25.68 USD / Life: 13.10 USD)
Insurance penetration rate: 2.81%
Growth rate 2001 to 2002: 12.1%
Number of insurance companies: 14
Number of reinsurance companies: 1
The Market in figures
Turnover structure in 2002
In ’000 USD
Life Insurance
Premiums
Share of the Life
market in %
Share of the global
turnover in %
Group
233 357
57.50%
19.42%
Personal Accident
171 486
42.25%
14.27%
933
0.23%
0.08%
69
0.02%
0.01%
Life
Others
Total Life
405 845
100%
33.77%
Share of the Non-life
market in %
Share of the global
turnover in %
Non-life insurance
Non-life branches
Premiums
Motor
410 531
51.58%
34.16%
Bodily injury
137 011
17.22%
11.40%
Workmen's compensation
90 951
11.43%
7.57%
General Third Party Liability
19 304
2.43%
1.61%
Marine
57 340
7.21%
4.77%
Fire
59 867
7.52%
4.98%
Engineering
9 928
1.25%
0.83%
Other Non-life
9 709
1.22%
0.81%
Non-life Acceptances
1 194
0.15%
0.10%
Total Non-life
795 835
100%
66.23%
Grand Total
1 201 680
100%
100%
ROE : 1 USD = MAD 9.857
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Morocco
Life branches
Atlas
Turnover in 2002 by company
In ’000 USD
Non-life
Companies
Premiums
Life
Market
share in %
Premiums
Turnover
Market
share in %
Market
share in %
Premiums
137 353
17.26%
90 660
22.34%
228 013
18.97%
2. Wafa Assurances
105 217
13.22%
89 132
21.96%
194 349
16.17%
3. Al Wataniya
117 587
14.78%
54 045
13.32%
171 632
14.28%
4. Royale Marocaine d'Assurances
74 285
9.33%
37 407
9.22%
111 692
9.29%
5. CNIA
43 897
5.52%
47 865
11.79%
91 762
7.64%
6. Atlanta
55 165
6.93%
17 730
4.37%
72 895
6.07%
7. Sanad
54 267
6.82%
6 217
1.53%
60 484
5.03%
8. Essaada
53 028
6.66%
4 562
1.12%
57 590
4.79%
9. CAT
55 422
6.96%
0
0.00%
55 422
4.61%
3 615
0.45%
45 005
11.09%
48 620
4.05%
11. Zurich
34 069
4.28%
6 505
1.60%
40 574
3.38%
12. MCMA
19 428
2.44%
6 717
1.66%
26 145
2.18%
13. MAMDA
23 206
2.92%
0
0.00%
23 206
1.93%
14. MATU
19 296
2.42%
0
0.00%
19 296
1.61%
795 835
100%
405 845
100%
1 201 680
100%
10. Marocaine Vie
Total
ROE : 1 USD = MAD 9.857
Main events in 2003
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Publication of a new insurance code “Dahir October 3, 2002.”
Reform of the Moroccan Interprofessional Retirement Fund (CIMR).
Legalization of the bancassurance.
Announcement of the RMA-Al Wataniya merger, which will set up the first Moroccan insurance group.
Revision of the law regulating work accidents by implementing an employer’s liability insurance and increasing victims’ compensation.
Presentation of the new insurance code
The Insurance Code adopted by the Dahir on October 3, 2002 and published in the Official Bulletin, November 7,
2002, consists of 5 parts. Below are the main provisions and alterations contained in the Code:
Book One
Insurance contract
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Obligation to inform the insured, prior to the underwriting.
Unless otherwise agreed, premium shall be paid at policy underwriting.
The insured has 10 days to pay the premium
The provision excluding coverage of the suicide risk during the first two years of the policy is cancelled
In terms of life insurance, the insured has a 15-day reflection delay.
Possibility to write variable capital life policies (accounting units)
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Morocco
1. Axa Assurance Maroc
Atlas
Book Two
Mandatory Insurances: Motor insurance
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The mandatory third party liability insurance is no longer unlimited; the code provides for a minimum
coverage
Passengers that are family members are considered “third party”
The insurance paper no longer represents a proof that the insured has paid the premium, but is only a
presumption of payment.
Book Three
Insurance and Reinsurance Companies
• The minimum capital base is 50 million DH (5.3 million USD)
- the authorities may require a larger amount
- the capital must be hold in cash
- shares must be registered
• The authorities can ask for an audit and an audit report at any moment.
• A consultative Insurance Committee is set up to provide recommendations for the insurance authority
Book Four
Insurance Procedures
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The broker must be a moral person
An agent can represent two companies at the most, providing he receives approval of the first company
Premiums must be paid in full
Agents must underwrite a third party liability insurance
The non payment of premiums by an agent can entail administrative fees and/or legal sanctions
Banks and the postal service, “Barid Al-Maghrib,” are authorized to sell insurance policies (personal
insurance, credit, assistance)
Exceptionally, and following recommendations of the Insurance Consultative Council, the competent
authority can authorize other persons to handle insurance operations.
Book Five
Miscellaneous and transition provisions
• Insurance and reinsurance companies and authorized agents have a 24-month delay to conform to the
different provisions of the new legislation.
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Morocco
and/or its members.
Atlas
Major insurance leaders
In Morocco
Ministry of Finance
Direction des Assurances
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Fédération Marocaine des
Sociétés d’Assurances et de Réassurance
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Manager: Mr. Thami EL BARKI
Deputy Manager : M. Thami YAHYAOUI
Address : Bd Mohamed V - Quartier des affaires, Rabat
Phone: +212 (37) 76 24 27 - Fax : +212 (37) 76 59 22
President : Mr. Azzedine GUESSOUS
Chief Supervisor : M. Ali BOUGHALEB
Address : 154, Bd d’Anfa - Casablanca
Phone: +212 (22) 39 18 50 - Fax : +212 (22) 39 18 54
Major insurance companies’ leaders
Al Wataniya
MCMA / MAMDA
Mr. Azzedine GUESSOUS (Chairman)
Mr. Fouad DIOURI (General Manager)
Mr. Taoufiq DRIHMEUR (General Manager)
Address : 81/83, Avenue de l'Armée Royale - Casablanca
Phone: +212 (22) 31 01 69 - Fax : +212 (22) 44 95 45
Mr. Abed YACOUBI SOUSSANE (Chairman)
Mr. Rachid ADLOUNI (General Manager)
Address : 16, rue Abou Inane—Rabat
Phone: +212 (37) 76 77 00 - Fax : +212 (37) 70 78 84
Atlanta
MATU
Mr. Med Hassan BENSALEH (Chairman)
Mr. Sellam SEKKAT (General Manager)
Address : 49, rue Othman Ben Affan - Casablanca
Phone : +212 (22) 49 14 48 - Fax : +212 (22) 20 30 11
Axa Assurance Maroc
Royale Marocaine d'Assurances
Mr. Daniel ANTUNES (Chairman)
Mr. Rerolle TANNEGUY (Deputy General Manager)
Mr. Ali SABER (Deputy General Manager)
Address : 122, Avenue HassanII - Casablanca
Phone : +212 (22) 26 05 67 - Fax : +212 (22) 26 70 23
Mr. Othman BENJELLOUN (Chairman)
Mr. Sébastien CASTRO (General Manager)
Mr. Mustapha DEHY (General Manager)
Address : 67-69 Av. de l’Armée Royale - Casablanca
Phone : +212 (22) 31 21 63 - Fax : +212 (22) 31 38 84
CAT
Sanad
Mr. Azzedine GUESSOUS (Chairman)
Mr. Mohamed SAIDI (General Manager)
Address : 6, La Colline - Sidi Maarouf – Casablanca
Phone : +212 (22) 97 33 50 - Fax : +212 (22) 97 34 10
CNIA
Mr. Nasser AL NOWAIS (Chairman)
Mr. Saïd AHMIDOUCH (General Manager)
Address : 216, Bd Zerktouni - Casablanca
Phone : +212 (22) 22 41 18 - Fax : +212 (22) 49 26 63
Essaada
Mr. Mehdi OUAZZANI (Chairman)
Mr. Saïd OUAZZANI (General Manager)
Address : 123, Av. Hassan II - Casablanca
Phone : +212 (22) 22 25 25 - Fax : +212 (22) 26 26 55
Morocco
Mr. Omar BENNOUNA (Chairman)
Mr. Mohamed BENYAMNA (General Manager)
Address : 215, Bd Zerktouni - Casablanca
Phone : +212 (22) 39 92 34—Fax : +212 (22) 36 77 21
Mr. Hassan BENSALAH (Chairman)
Mr. Abdeltif TAHIRI (General Manager)
Address : 3, Bd Mohamed V—BP 13 438 Casablanca
Phone: +212 (22) 26 05 91 - Fax : +212 (22) 29 38 13
Wafa Assurances
Mr. Saâd KETTANI (Chairman)
Mr. Jaouad KETTANI (General Manager)
Address : 1, Bd Abdelmoumen - Casablanca
Phone : +212 (22) 54 55 55 - Fax : +212 (22) 20 91 03
Zurich
Mr. Hervé GIRAUDON (Chairman)
Address : 106, Rue Abderrahmane Sehraoui - Casablanca
Phone : +212 (22) 27 90 15—Fax : +212 (22) 49 17 34
Marocaine Vie
Mr. Jean-Marie STEIN (Chairman)
Address : 37, Bd Moulay Youssef - Casablanca
Phone : +212 (22) 20 63 20 - Fax : +212 (22) 26 19 71
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Atlas
Reinsurance companies
Africa Re
Société Centrale de Réassurance
(Representation office for the Maghreb)
Mr. Moncef MANAI (Manager)
Address : Tour Atlas, Place Zellaqa BP 7556 - Casablanca
Phone : +212 (22) 31 71 14 - Fax : +212 (22) 30 79 64
Mr. Mustapha BAKKOURY (Chairman)
Mr. Ahmed ZINOUN (General Manager)
Address : Tour Atlas, Place Zellaqa BP 13183 - Casablanca
Phone : +212 (22) 30 85 86 - Fax : +212 (22) 30 86 72
Main insurance brokers
AGMA/LAHLOU-TAZI
ACECA
Mr. M’hamed AOUZAL
Address : 28, Avenue de l'Armée Royale - Casablanca
Phone: +212 (22) 22 55 17 - Fax : +212 (22) 26 40 23
Mr. Mohamed LAHLOU
Address : 1 City Park , Rue Abderrahmane Sehraoui Casablanca
Phone : +212 (22) 22 59 59 - Fax : +212 (22) 47 42 11
FOSSECAVE
AON-ACORE
Mr. Khalid AOUZAL
Address : 28, Avenue des FAR - Casablanca
Phone: +212 (22) 20 20 92 - Fax : -
Gras Savoye Maroc
Morocco
Mr. Abderrahim MEHDI
Address : 179, Avenue Moulay Hassan I - Casablanca
Phone: +212 (22) 22 71 90 - Fax : +212 (22) 22 71 96
SIDARSA
Mrs Naima SMIRES
Address : 40, Bd Moulay Youssef - Casablanca
Phone: +212 (22) 20 35 75 - Fax : +212 (22) 22 36 05
Mr. Rachid CHERKAOUI
Address : 46, Avenue des FAR - Casablanca
Phone: +212 (22) 31 21 73 - Fax : +212 (22) 31 20 64
Main reinsurance brokers
Afro-Asiatique de Réassurance (AAR)
Arab Reinsurance Brokers (ARB)
Mr. Abdelhak SEBTI
Mr. Omar N’GADI
Address : 110, Rue Al Wahda Résidence El
Meskini - Casablanca
Address : PoBox 132 - Mohammedia
Phone : +212 (22) 30 13 52 - Fax : +212 (22) 30 13 56
Phone : +212 (22) 47 17 73 - Fax : +212 (22) 27 72 97
12Atlas Magazine est publié par Atlas Conseil International
Juin 2003
Atlas Magazine is edited by Atlas Conseil International
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N°4 October 2003
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