The insurance market professionals expect a solid growth in 2019. This conclusion reflects the figures ending June 30, 2019 and the forecasts based on the companies' performance during the second half of the year.
According to forecasts, the market would report a turnover of 45 billion MAD (4.6 billion USD) in 2019.
Moroccan non-life insurance market
The non-life insurance premiums are expected to reach 24.5 billion MAD (2.5 billion USD) in 2019 compared to 23.1 billion MAD (2.4 billion USD) in 2018, an increase of around 6%. As of June 30, 2019, the non-life market turnover amounted to 14.3 billion MAD (1.47 billion USD), up 7% compared to the same period of 2018.
Motor insurance had the largest market share with a half-yearly turnover worth 6.8 billion MAD (700 million USD). It was followed, in descending order, by the bodily injury class of business with 2.29 billion MAD (236 million USD) and workmen's compensation insurance with 1.5 billion MAD (155 million USD).
Moroccan life insurance market
The life insurance market forecast reports a turnover of 20.5 billion MAD (2.1 billion USD) for 2019 against 18.8 billion MAD (1.9 billion USD) one year earlier, an increase of about 9%. At the end of the first half of 2019, the life insurance premiums reached 10.45 billion MAD (1.07 billion USD), a rise of 8.2% in comparison with the same period of 2018.
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