With Royal Vision and Institutional Trust: Abdelrahim Chafai Leads Reform of Morocco’s Insurance Sector

Since his appointment as head of the Insurance and Social Welfare Supervisory Authority (ACAPS) on October 19, 2023, by royal decree, Abdelrahim Chafai has brought a transformative shift to Morocco’s insurance regulatory landscape, embodying a new generation of leadership that combines technical expertise, practical experience, and clear strategic vision.

Abdelrahim Chafai: A Distinguished Academic and Professional Journey

Known as a self-made man, Chafai’s steady rise is built on a solid academic foundation. He holds a Master’s degree in Mathematics from the University of Rouen, a Master’s in Statistics from Pierre and Marie Curie University, and an MBA from HEC Paris.

Professionally, he began his career in 1992 as an actuarial consultant in Paris, before gaining extensive experience with major insurance institutions in Morocco such as SAND, SENIA, Zurich, the Central Reinsurance Company, Wafa Insurance, Vidal, and BCE Actuarial Consulting. In 2019, he was appointed President of the Solidarity Fund Against Catastrophic Events (FSEC), where he significantly advanced the social protection system linked to the fund within a remarkably short period.

Royal Confidence and Government Praise

Chafai’s official inauguration was attended by the Minister of Economy and Finance, Nadia Fettah Alaoui, who described his appointment as a “powerful moment,” praising the royal trust he received and affirming that his strong technical expertise and sound leadership will propel the insurance sector towards promising new horizons amid ongoing growth and modernization.

A Forward-Looking Strategy

Under Chafai’s leadership, ACAPS operates according to a strategy inspired by the King’s unwavering care for citizens, focusing on three main pillars:

1. Comprehensive digitization of insurance procedures and simplifying access for citizens.
2. Responsible innovation through support for startups and insurance technology (Insurtech).
3. Balanced African integration within a broad vision to strengthen Morocco’s presence on the continent.

Sector Reforms and Modernization

Chafai launched the “Émergence” program to accompany digital transformation in the sector by establishing an innovation cell dedicated to insurance technology and supporting startups. He emphasizes: “It is no longer enough to adapt; we must anticipate, innovate, and collaborate in building the future.”

A Leading Voice in Africa

At the African Finance Summit in December 2024, Chafai highlighted the importance of digitization to expand insurance coverage, especially climate insurance. He called for pooling agricultural risks to enhance Morocco’s capacity to face climate change impacts and expressed his ambition to build a unified African insurance market based on harmonized laws, solvency standards, and expanded presence of Moroccan insurance companies across the continent—reflecting a strategic vision aligned with Morocco’s dynamic African engagement under the King’s enlightened leadership.

Thanks to his blend of scientific knowledge, professional expertise, and strategic foresight, Abdelrahim Chafai is reshaping the future of Morocco’s insurance sector, setting a benchmark within the Francophone African space as a pioneer in governance, innovation, and resilience amid change.