Morocco: Premiums grew by 6% to US$1.7 bln in 1H
Source: Middle East Insurance Review | Nov 2015
Premiums in Morocco grew by 6.3% y-o-y to MAD16.7 billion (US$1.7 billion) in the first half of this year. Growth was driven mainly by a strong 13.9%-increase in the life business to MAD5.2 billion.
The life business was unaffected by 2015 Budget measures that halved the tax deduction on premiums for pension insurance contracts to 50% from 100% for employees, reported L’Economiste.
Non-life premiums reached MAD11.5 billion for the first six months with a growth rate of 3.2%, according to data from the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR). In comparison, the growth rate in this sector reached 4.6% from January to June last year.
The implementation of the new mandatory insurance for all construction risk is expected to boost business. The draft law to put this into effect is still in the legislative system and is to be scheduled in Parliament. Meanwhile, catastrophe insurance proposals are on hold.
Overall, motor accounted for around 32% of the market with premiums of MAD5.4 billion, the largest class of business.
Wafa Assurance is the biggest insurer in terms of premium income. Its half-year premiums totalled MAD3.4 billion, followed by RMA Wataniya (MAD2.8 billion) and Axa Insurance Morocco (MAD2.16 billion).
MAD1 = US$0.10