Brokers are pressing charges against banks

Insurance brokers have denounced the competition from banks which they deem unfair. They believe that bancassurance distributed by the banking network, which is a much denser, weakens their position.
Morocco has 1 400 intermediaries, about 400 of whom are insurance brokers versus 3600 bank agencies. For this reason, the national federation of insurance agents and brokers of Morocco has lodged a lawsuit. Bancassurance accounts for 13% of the market today. 80% of life premiums are collected by banks while motor risks remain in the hands of brokers and general agents.