The Moroccan insurance market in 2023

Bank Al-Maghrib, the Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Moroccan Capital Market Authority (AMMC) have published the 11^th annual report on financial stability.

Despite a climate of rising interest rates, the insurance sector continues to prove its resilience. In 2023, the market's turnover, all activities combined, increased by 4% to reach 59.8 billion MAD (5.9 billion USD).

Premium volume is broken down as follows:

• non-life: 30 billion MAD (3 billion USD)
• life: 25.9 billion MAD (2.6 billion USD)
• reinsurance acceptances: 3.8 billion MAD (377.7 million USD)
• Takaful insurance: 65.9 million MAD (6.5 million USD)
• Takaful reinsurance: 5 million MAD (497 000 USD)

According to the report, insurers and reinsurers closed the financial year 2023 with a net income of 4.5 billion MAD (447.3 million USD), up by 5.8% compared to the end of 2022.