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The Supervisory Authority of Insurance and Social Welfare (ACAPS) has released data on the performance of Morocco’s Takaful insurance sector for the 2024 financial year.
The Takaful market recorded a turnover of 94.9 million MAD (9.2 million USD), reflecting a robust year-on-year growth of 44.1%. The segment is largely driven by Family Takaful (covering life insurance and investment), which represents nearly 90% of the total portfolio.
Non-life Takaful accounted for the remaining 10% of the market, with a turnover of 10 million MAD (969 000 USD) in 2024.
ReTakaful (Takaful reinsurance acceptances) also saw remarkable expansion, reaching 18 million MAD (1.7 million USD), up from the 5 million MAD (497 000 USD) posted in 2023, marking a surge of 260%.
According to ACAPS, the Moroccan insurance market's overall turnover, across all activities, stood at 63.1 billion MAD (6.1 billion USD), up 5.4% over twelve months.
