Moroccan insurance market: H1 2023 turnover

Moroccan insurance marketThe Supervisory Authority of Insurance and Social Welfare (ACAPS) has published, on 7 September 2023, the main figures of the Moroccan insurance market for the first half of 2023. As at 30 June, local insurers had recorded an overall turnover of 31.1 billion MAD (3.1 billion USD), up by 3.8% over one year.

Non-life premiums have improved by 8.6% to reach 18 billion MAD (1.8 billion USD). Life insurance underwriting was down by 2.3% compared with the first half of 2022, amounting to 13.1 billion MAD (1.3 billion USD).

It is worth recalling that on 8 September 2023, Morocco, and more specifically the Marrakech region, was hit by a violent earthquake measuring a magnitude 6.8. The disaster claimed more than 2 900 lives and caused extensive material damage. Initial estimates indicate that economic losses could exceed the 10 billion USD mark.

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