Reports suggested this week that insurance companies will increase the prices of comprehensive car insurance. The information was confirmed and denied by firms operating in the Kingdom. On Wednesday, December the 12th, reports emerged that insurance companies in Morocco will increase the prices of comprehensive car insurances sold to drivers in the Kingdom. The information was first brought by Arabic-language newspaper Assabah, which stated that these companies will adopt a new strategy, raising the prices of this type of car insurance by up to 300%. According to the daily newspaper, the coverage for some vehicles, especially the ones used by individuals in and outside the city, will be raised from 4,500 to 12,000 dirhams in some cases. The same information was relayed, the same day, by French-language online newspaper H24info, which reported that the decision was taken after several insurance companies, operating in Morocco, «increased the reimbursement sums offered to their clients». Allianz and not AXA To get further explanations regarding the new decision, Yabiladi spoke to AXA Assurance, a French insurance company operating in the Kingdom. An agent from AXA told Yabiladi that the company «is keeping the same prices for its car insurance offers» and that it is «not concerned with this raise». However, an agent from Allianz, a European financial services company headquartered in Munich, Germany, and operating in Morocco, confirmed to Yabiladi on Thursday, that only their company is increasing its car insurance prices. «The decision has been implemented since the beginning of the month (December)», said the same source, stressing that «[they] are the only insurance company in the Kingdom to increase the prices of car insurance services». Moreover, the Allianz agent explained that, contrary to what had been reported by several newspapers, the «raise will cover other types of insurances and not only the comprehensive one». The same source clarified that the «decision was made based on the recent results and statistics presented by the company». «The raise has been justified but every company has its own reasons and justifications», concluded the same source.
