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As at 31 December 2024, the overall turnover generated by all insurers (excluding exclusive reinsurers) reached 59.7 billion MAD (5.8 billion USD), rising by 5.3% year-on-year.
Taking into account reinsurance acceptances and premium volume from Takaful business, the total market achieved 63.1 billion MAD (6.11 billion USD), reflecting overall growth of 5.4% over the year.
Non-life insurance premiums rose to 32.5 billion MAD (3.1 billion USD), up 5.5% from the previous year. This segment accounted for 54.4% of total market premiums.
Within the non-life segment, motor insurance remained dominant, generating 15.17 billion MAD (1.47 billion USD), representing 53.29% of non-life premiums.
The life insurance sector recorded 27.2 billion MAD (2.7 billion USD) in premiums, a 5.1% increase over 2023. Life insurance represented 45.6% of the total market portfolio in 2024.
The reinsurance market saw robust growth, with premiums increasing 9.4% to reach 4.2 billion MAD (406.94 million USD). This segment remains heavily reliant on the non-life business, which constitutes 95.2% of reinsurance acceptances.
Takaful insurance also posted strong performance, with premiums rising by 44.1% to 94.9 million MAD (9.19 million USD). Takaful reinsurance grew significantly, from 5 million MAD to 18 million MAD (0.48 million USD to 1.74 million USD).
