Market Entry - Health & Medical Insurance Industry in Morocco: Analysis of Growth, Trends and Progress (2016 - 2021)

Market Entry - Health & Medical Insurance Industry in Morocco: Analysis of Growth, Trends and Progress (2016 - 2021)

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About the Market

The health insurance industry is one of the cardinal components of the global economy by virtue of the amount of revenue it generates, the extent of the global investment, and most prominently the indispensable socio-economic role it plays in securing personal and business risk in the event of unforeseen problems. The key issues in the insurance industry include rising competition, generally soft pricing conditions and tight profit margins. Moreover, the economic turbulence in 2008 has affected employer and corporate health insurance business in the developed countries to some extent, due to cost cutting and lay-off of employees and slowdown of new recruitments. However, at individual levels, the market has not shown any significant slowdown. The health insurance market in developed nations is consolidated by few major players who cover more than 80% of private and public (medicare and medicaid) managed insurance. The cardinal challenges for new capital entrants in the health insurance market include immense competition and rising customer expectations. Success here would be enhanced by expanding digital capabilities, making insurance products easier to understand, compare and purchase. The health insurance market especially in the EU5 countries (U.K., Germany, France, Italy, and Spain) is quite stable owing to a significant contribution from the government. The growth perspective for private players is limited due to universal health coverage plans in these countries. Furthermore, in developing regions the health insurance market for private players continue to challenge as economic recovery throughout the region is overshadowed by low business investment rates and slower industry growth. In some developing nations, the growth prospects remain high due to increasing GDP, rise in disposable income, and growing trend toward health security. Furthermore, the growth of the middle class and high net worth population in these regions presents an immense opportunity for international players to exploit the emerging market. Major players in the market include United Health Group Inc., Allianz SE, AIA Insurance Group, Express Scripts Holding Company, Zurich Insurance Group Ltd., AXA, Aviva Plc, Aetna Inc., International Medical Group, Apollo Munich Health Insurance and Cigna Corporation.

About the Geography

Morocco is a stable emerging market and is part of a group of fast-growing nations described as ‘African Lions’. With Africa being regarded as the future engine of global growth, Morocco is a potential gateway to the continent.

In the 1980s, Morocco was highly indebted but with the pro-market reforms under the IMF, it has seen steady growth. The government adopted the ‘Investment Charter’ in 1995, which provided exemptions for VAT and corporate tax for five years. In 2008, Morocco signed an advanced status deal with the EU to avoid double taxation between Morocco and member states. In the industrial sector, the government came up with the ‘Emergence Plan’, which is an attempt to further open and liberalize the economy. A new version of this plan is currently under government review.

The main challenges to doing business in morocco are bureaucracy, corruption, low consumer purchasing power, and growing competition from non-EU countries. The notable advantages of doing business include strategic geographic location, which means it can be an entryway to both Africa and Europe, a strong banking and finance sector, tax incentives, and competitive labor costs.

                                                                                                                                                                          

Component Name

Unit

From Site

                                  GDP

USD billion

100

GDP Annual Growth Rate

                              %

1

GDP Per Capita

USD

3238

Employment Rate

%

43.1

Inflation Rate

%

1.6

Consumer Price Index (CPI)

Index Points

117

Interest Rate

%

2.25

Balance of Trade

USD million/billion

(-1,718.06 million)

Ease of Doing Business

(No Units)

75

Competitiveness Rank

(No Units)

70

Corruption Rank

(No Units)

88

Consumer Confidence

                      (No Units)

75.7

Consumer Spending

USD million/billion

57,599.57

Corporate Tax Rate

%

30

Sales Tax Rate

%

20

            

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

1. Introduction

                1.1 Scope of the Report

                1.2 Regional Analysis

                                1.2.1 PESTLE Analysis

                                1.2.2 Analysis of Ease of Doing Business

2. Market Dynamics

                2.1 Drivers

                2.2 Restraints

                2.3 Opportunities

3. Market Demand Analysis

                3.1 Socio-Economic Segmentation

                3.2 Demographic Strengths & Weaknesses

                3.3 Spending Patterns

                3.4 Target Market Identification

4. Market Size of Health & Medical Insurance Industry (USD millions)

                4.1 By Product

                4.2 By Providers

5. Market Entry

                5.1 Market Entry: The Strategy

                                5.1.1 Types of Entry Modes, by Market Entry Objectives

                                5.1.2 Competition Analysis

                                                5.1.2.1 Market Share

                                                5.1.2.2 Strategies Adopted, Recent Events 

                                5.1.3 Pricing Strategy

                                5.1.4 Supply Chain Analysis

                                                5.1.4.1 Trade (Import-Export Analysis)

                                                5.1.4.2 Distribution Network & Retail Analysis

                5.2 Market Entry: The Administration

                                5.2.1 How to Register a Company (Flowchart)

                                5.2.2 Registration Processes 

                                                5.2.2.1 Ministries Involved

                                                5.2.2.2 Criteria and Conditions

                                5.2.3 List of Forms & Documents

                                5.2.4 Product Control Guidelines specified by the Government

6. Sources

7. Disclaimer

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