Moroccan insurers: decreasing profits in 2020

The Supervisory Authority of Insurance and Social Welfare (ACAPS) has published a report on the Moroccan insurance and reinsurance market in 2020.

All insurance and reinsurance companies reported a 18.7% drop in net profit in 2020. The latter went from 3.969 billion MAD (409.02 million USD) as of 31 December 2019 to 3.228 billion MAD (358.38 million MAD) one year later.

Such decrease has been mainly recorded by direct insurers which posted a net result of 2.91 billion MAD (323.07 million USD) which stands for a 21% decline over one year.

For its part, the exclusive reinsurers' net profit grew by 11.57% to 318 million MAD (35.3 million USD).

As of 31 December 2020, the shareholder’s equity of insurers and reinsurers reached 43.3 billion MAD (4.8 billion USD), raising by 4.9% compared to 2019.