The Moroccan Supervisory Authority of Insurance and Social Welfare (ACAPS) has released the initial data of the Moroccan insurance market [4] 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.