Moroccan insurance market: 6.2% premium increase

The Supervisory Authority of Insurance and Social Welfare (ACAPS) has published the 2018 report of the Moroccan insurance market.

The sector's turnover (direct business only) amounted to 41.151 billion MAD (4.3 billion USD) compared to 38.733 billion MAD (4.125 billion USD) in 2017, an increase of 6.2%.

With a market share of 44.2%, life and capitalization insurance grew by 7.1% reaching 18.189 billion MAD (1.9 billion USD) in premiums. This increase is driven by the good performance of the savings activity, which accounted for 80.4% of the underwritings.

Non-life insurance rose by 5.6% in one year. It represented 55.8% of the total turnover and reported premiums worth 22.962 billion MAD (2.4 billion USD) in 2018.

Motor insurance, alone, accounted for 48.5% of non life premiums.

All market companies recorded a net profit of 3.776 billion MAD (395 million USD) in 2018, down by 12.8% compared to the 4330 million MAD (461 million) of 2017. This decline is due to the increasing motor loss experience in the Kingdom.

Financial income also fell down at 7.458 billion MAD (779.8 million MAD ) versus 7.768 billion MAD (827.3 million USD) in 2017, that is a decrease of 4%.

Read also | Results 2018 of the Moroccan insurance market