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In 2023, bancassurance generated 19.2 billion MAD (1.9 billion USD) in premiums, up 35% on 2019. The business contributes 31% to the Moroccan insurance market's premium supply, as much as brokers (31%).
These two distribution channels are ahead of general agents (22%) and direct management offices (16%).
The majority of bancassurance premiums — 96.3% — come from life and capitalization business. Assistance and bodily injury business account for 3.2% and 0.5% of premiums respectively.
Evolution of bancassurance in Morocco between 2019 and 2023
In millions USDD
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Premiums | 1 411.80 | 1 521.00 | 1 722.70 | 1 725.30 | 1 908.30 |
| Market share | 29% | 30% | 30% | 32% | 31% |
Morocco: bancassurance premiums per company in 2023
Figures in millions
| Premiums | Shares in % | ||
|---|---|---|---|
| MAD | USD | ||
| Banque Populaire | 7 889.10 | 743.78 | 39% |
| Bank of Africa | 4 097.10 | 386.27 | 20.20% |
| Attijariwafa Bank | 4 036.20 | 380.53 | 19.90% |
| BMCI | 7 44.8 | 70.22 | 3.70% |
| Crédit Agricole du Maroc | 7 41.6 | 69.92 | 3.70% |
| CFG | 5 92.8 | 55.89 | 2.90% |
| Crédit du Maroc | 464 | 43.75 | 2.30% |
| Al Barid Bank | 408 | 38.47 | 2.00% |
| CIH | 167.9 | 15.83 | 0.80% |
| Salafin | 37.5 | 3.54 | 0.20% |
| Société Générale | 24.9 | 2.35 | 0.10% |
| Arrawaj | 19.5 | 1.84 | 0.10% |
| Wafa Cash | 2.1 | 0.2 | 0.01% |
| Total | 19 200 | 1 908.30 | 100% |
Exchange rate: 1 USD = 0.09939 MAD
Source: The Supervisory Authority of Insurance and Social Welfare (ACAPS)
Read also | The bancassurance market
