The Moroccan insurance market: 2016 results

The Moroccan insurance market: ranking of insurers according to 2016 turnover

in thousands

	2015 turnover⁽¹⁾		2016 turnover⁽¹⁾		2016 shares
	In MAD⁽²⁾	In USD	In MAD⁽²⁾	In USD	2016 shares
WAFA Assurance	6 407 400	650 864	7 314 000	726 426	20.8%
Royale Marocaine d'Assurances	5 547 600	563 525	5 860 000	582 015	16.7%
SAHAM Assurance	3 773 000	383 261	4 392 000	436 213	12.5%
AXA Assurance Maroc	3 887 200	394 862	3 928 000	390 129	11.2%
Mutuelle Attamine Chaabi (MAC)	209 600	21 291	2 739 000	272 037	7.8%
ATLANTA	1 760 600	178 842	1 939 000	192 581	5.5%
SANAD	1 657 000	168 318	1 751 000	173 909	5.0%
Marocaine Vie	1 360 200	138 169	1 484 000	147 391	4.2%
Mutuelle Centrale Marocaine d'Assurance	1 606 800	163 219	1 315 000	130 606	3.8%
Allianz Maroc⁽³⁾	1 250 000	126 975	1 212 000	120 376	3.5%
Mutuelle Agricole Marocaine d'Assurance	846 900	86 028	858 000	85 217	2.4%
Compagnie d'Assurances Transport	631 200	64 117	634 000	62 969	1.8%
SAHAM Assistance	333 200	33 846	470 000	46 680	1.4%
Maroc Assistance Internationale	432 600	43 944	435 000	43 204	1.3%
Mutuelle d'Assurances des Transporteurs	265 100	26 929	293 000	29 101	0.8%
WAFA IMA Assistance	176 700	17 949	209 000	20 758	0.6%
Euler Hermes ACMAR	108 300	11 001	116 000	11 521	0.3%
AXA Assistance Maroc	152 400	15 481	107 000	10 627	0.3%
COFACE Maroc	17 900	1 818	46 000	4 569	0.1%
Total	30 423 700	3 090 439	35 102 000	3 486 329	100%

⁽¹⁾ Net of cancellation (including acceptances)
⁽²⁾Moroccan Dirham
⁽³⁾ Former Zurich Assurance Maroc

in thousands

	2015 turnover		2016 turnover		2016 shares
	In MAD⁽¹⁾	In USD	In MAD⁽¹⁾	In USD	2016 shares
Non life insurance
Health and bodily injury	3 359 460	341 254	3 652 800	362 796	10.5%
Motor	9 514 180	966 450	9 953 810	988 612	28.5%
Fire and natural catastrophes	1 312 120	133 285	1 318 430	130 946	3.8%
Third party liability	544 390	55 299	550 170	54 643	1.6%
Marine	552 300	56 103	577 990	57 406	1.7%
Assistance and credit	1 180 690	119 934	1 331 140	132 209	3.8%
Workmen's compensation	2 090 930	212 397	2 174 090	215 931	6.2%
Technical risks	393 680	39 990	329 350	32 711	0.9%
Other operations	701 210	71 229	734 470	72 948	2.1%
Total non life	19 648 960	1 995 941	20 622 250	2 048 202	59.1%
Life insurance
Savings	7 485 160	760 343	11 086 980	1 101 159	31.7%
Death	2 580 910	262 169	2 684 970	266 671	7.7%
Variable life assurance	460 140	46 741	493 560	49 020	1.4%
Other life operations	33 240	3 376	27 060	2 688	0.1%
Total life	10 559 450	1 072 629	14 292 570	1 419 538	40.9%
Grand total	30 208 410	3 068 570	34 914 820	3 467 740	100%

⁽¹⁾ Moroccan Dirham

Breakdown of turnover per class of business in 2016

⁽¹⁾ including savings, death, variable life assurance and other life operations
⁽²⁾including technical risks and other non life operations

in thousands

	Incurred losses⁽¹⁾ 2015		Incurred losses⁽¹⁾ 2016
	In MAD⁽²⁾	In USD	In MAD⁽²⁾	In USD
Health and bodily injury	2 738 120	278 138	2 979 800	295 954
Motor	5 550 530	563 823	6 326 240	628 322
Fire and Natural catastrophes	531 280	53 967	682 850	67 821
Third party liability	222 100	22 561	281 190	27 928
Marine	251 160	25 513	504 740	50 131
Assistance and credit	642 170	65232	856 440	85 061
Workmen's compensation	1 735 800	176 323	1 686 990	167 552
Technical risks	- 4 510	-458	45 570	4 526
Other operations	446 520	45 357	920 080	91 382
Total non life	12 113 170	1 230 456	14 283 900	1 418 677

⁽¹⁾ Paid claims + variation of outstanding claims reserves
⁽²⁾Moroccan Dirham

	Loss ratio		Combined ratio
	2015	2016	2015	2016
Health and bodily injury	81.7%	81.4%	109.0%	106.4%
Motor	59.3%	63.7%	89.2%	93.7%
Fire and Natural catastrophes	40.2%	52.1%	70.0%	81.9%
Third party liability	41.1%	51.6%	74.3%	87.0%
Marine	45.5%	87.1%	77.1%	124.2%
Assistance and credit	55.4%	65.2%	92.2%	102.6%
Workmen's compensation	71.6%	80.0%	106.5%	114.7%
Technical risks	-1.3%	12.3%	20.4%	42.8%
Other operations	64.6%	126.3%	91.3%	157.7%
Total non life	61.2%	69.7%	91.1%	100.0%

Source: ACAPS (the insurance and social welfare supervisory authority)

Exchange rate MAD/USD as at 31/12	2015	2016
Exchange rate MAD/USD as at 31/12	0.10158	0.09932

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Fri, 20/10/2017 - 11:55