In 2019, motor insurance premiums totalled 12 billion MAD (1.24 billion USD) compared to 11.147 billion MAD (1.16 billion USD) in 2018. This 7.6% growth results from the increase in automobile fleet.
In 2018, Morocco recorded 4.3 million vehicles in circulation while the vehicle fleet was only 3.4 million in 2014. According to insurers, this increase of 25% in the number of cars in four years will have an impact on the number of claims and accordingly on the amount of compensation.
Another unfortunate impact is that motor insurance fraud is likely to keep rising. Rapid increases of loss experience and fraud are a source of concern for Moroccan insurers. Saham Assurance is considering artificial intelligence as a way to end this situation and track down false claim declaration. It should be noted that the motor insurance sector accounts for 27% of all market premiums in 2019.