The Allianz Group has officially cemented its presence in the Moroccan insurance market by launching Allianz Maroc.

The company has officially been a part of the Allianz Group since 3 November 2016 following the acquisition of 98.9% of Zurich Assurances Maroc and after obtaining the relevant regulatory approvals.

It began operations on 30 January 2017, under its new name, Allianz Maroc.

Announcing the agreement to acquire Zurich Assurances Maroc in June 2016, Allianz said besides being a major player in the Moroccan property and casualty insurance market, and serving more than 600,000 customers, the company also has a license for life and health insurance products, which it plans to use.

Morocco is an important growth market in Allianz’s strategy in Africa.

Hicham Raissi, head of Allianz SE’s business divisions for Africa, MENA and India, said: “Our investment in Morocco shows that we believe in the growth potential of the Moroccan insurance market. We will accompany our retail and business clients in Morocco and all over the world, while providing superior quality service.”

Allianz Maroc said its ambition is to strengthen its presence in the market, double its market share by 2021, and become the benchmark in the Moroccan insurance market.