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The Societe Centrale de Reassurance (SCR), subsidiary of CDG, is created within the framework of a State-CDG joint concession to reinsure Moroccan line of businesses taken on by home based insurance companies.
Since its creation, SCR has fulfilled its role in consolidating both the financial sector in general and the insurance sector in particular. SCR has thus significantly contributed to regulate the insurance market, to retain insurance savings and to reduce the trade deficit in the service economy.
The company has been able to rise above many challenges during these past 45 years while developing competencies in a specific sector. In order to anticipate the liberalization of the insurance sector, SCR has adopted a vision for the future through its CAP 2004 plan that involves company restructuring and preparing to new competition from anticipated economic openness and global integration of services markets.
The counter has started ticking and we are already getting ready before hand to being conscious of the changes that will take place in how business is conducted and integrate them into our strategy.
What do we aspire to and what ambitions do we nurture?
As the lead reinsurer in the Moroccan insurance market, SCR has the ambition to position itself and become in an open economy “ the reference in terms of reinsurance, well established on the local and regional arena, performing and innovative in developing its competing activities and in accomplishing its missions in the general interest ”.
The great orientations supporting this vision are well known: they deal first with SCR consolidating its business share in the national market and developing its presence in emerging markets; they deal as well with developing its missions in the general interest and developing its technical expertise through innovation and diversification of its products and services.
To successfully realize these projects, SCR needs to improve its internal processes and performances and needs to strengthen the qualification and the professionalism of its workforce. The ability of the profession to take on the challenges of an open economy will be, as we know, crucial.
We wish to exploit all the possible opportunities brought out by the liberalization of the insurance sector in terms of both the enlargement and the deepness of all financial services segments on the national market, foreign capital inflow, the increase of national savings, the transfer of know how and a better reform process of the national legislation .
By preaching good methods and investment information, the established economic networks will be able to attract more foreign investments.
To this end, the need to strictly follow the legislation in place must be observed. Indeed, the insurance legislation being a precursor to a safe investing environment would allow taking advantage of all investment opportunities as opposed to being subjected in a state of poor preparedness to a rather inevitable liberalization process.
Today, everything seems to be at the inflexion point. The corrective measures have been implemented in conjunction with the public Authorities. SCR has already made strategic decisions that will reveal decisive on how it will grow in a new world context.
We do have a clear strategic vision and an action plan for its competing operations as well as for those operations that may be initiated within the framework of its missions in the general interest.
SCR is reinforcing its managerial capabilities and getting the necessary financial means by boosting its equity to DH 1 billion.
As we can see, all the necessary ingredients are well gathered to write a new historical page on our institution's book.
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