Moroccan insurance market: satisfactory performance for 2022

The Moroccan Supervisory Authority of Insurance and Social Welfare (ACAPS) has released the initial data of the Moroccan insurance market as at 31 December 2022.

Insurance and reinsurance companies (excluding exclusive reinsurers and takaful insurers) have ended the year 2022 with an 8.5% increase, in local currency, in their overall turnover. It reached 54.5 billion MAD (5.1 billion USD) at the end of the past year.

Non-life premiums have progressed by 6.7% to stand at 29.1 billion MAD (2.7 billion USD), representing 53.4% of the market share. The non-life activity is dominated by motor insurance which accounted for 47% of the non-life premium income in 2022.

Life underwriting, for its part, amounted to 25.4 billion MAD (2.4 billion USD), growing by 10.7% over twelve months. The life insurance activity's written premiums totaled 3.2 billion MAD (301.7 million USD), slightly declining by 0.1% over a year. The life class of business accounted for 46.6% of the portfolio in 2022.