Insurance

Prepared by: BELKORCHI Ilham

Plan
*Definition
*Insurance contract
*Intermediaries of insurance
*Types of insurance
*Moroccan insurance market

*Why do people buy

insurance?

Definition
*Insurance is a mechanism that ensures a

financial compensation for a loss or damage

caused by some events to a property or a
person.
*It is an agreement by witch a person make
regular payments to a company to indemnify
him if a particulier risk happend.

The insurance policy

An insurance contract is called a policy, it
identifies the insured ( the policyholder ),
and the insurer ( the company of insurance)
the former, is required to pay an amount of
money called premium and the latter is
charged to pay for the loss caused.

Uses of insurance
We buy an insurance to :
Protect a property against loss or theft
Protect a business from interruption and loss of
income
Protect yourself against disability or health
expenses.
Insure debt repayment after death
Many more

Insurance Intermediaries
Insurance companies: financial
instituations that offers insurance
products to the public, either by
selling directly or through another
sources, they can specialize in one
type of insurance or in multiple
types.

Insurance intermediaries
Insurance Agents: they are

independant
agents, who represent a number of insurance
compagnies, they sell insurance policies that
meet appropriately with the needs of their
clients. And they are paid a commission as
remuneration.
Insurance Brokers: they can be individual or
commercial businesses, they have a big
knowledge of the insurance market, and they
sell product from more than one company.

Types of insurance
Life
insurance

Non-life
insurance

Life Insurance:
A life insurance, pays out a certain amount of money
to the insured or to their specified beneficiaries upon
a certain event such as death or illness, for example:
Term insurance: provides life insurance covrage for
a specified term.
Mortgage life insurance: insures a loan secured by a
real property.
Life annuity: a contract that provide the
policyholder an extra income after the age of
retirement.

Non-life Insurance
Non-life insurance or general insurance, are policies
that protect against loss or damage and liability arising
from damage caused by the policyholder to a third
party;
Auto Insurance: policy puchased by car owners to
cover the costs associated with getting into a car
accident.
Business Insurance: covers conceivable risk a
business might face, it repairs damaged physical
assets, protect against financial loss, coverage of
liability

Travel insurance: product designed to cover

the cost and reduce the risk associated with
unexpected events during domestic or
international travel.
Householder policy: policy that covers the
house contents and includes coverage against
loss or damage.

Moroccan insurance market

*Moroccan insurance market is the 2nd largest in
Africa,
*it is dominated by the non-life segment, and
particulary by auto-insurance,
*the Market is controlled by large five
companies (RMA watania, WafaAssurance,
AXA)
*The penetration rate of insurance increased to
3,14% of GDP in 2013.

Thank you for your

attention !