Morocco: Premiums crossed MAD40-billion mark in 2017
Source: Middle East Insurance Review | Apr 2018
The total turnover of the Moroccan insurance sector was close to MAD41.2 billion (US$4.5 billion) in 2017, 10.5% higher y-o-y, according to preliminary data from the Insurance and Social Insurance Supervisory Authority (ACAPS).
Despite the double-digit increase, the pace of growth was slower compared to 2016 when total premiums in Morocco grew by more than 15%.
Non-life premiums reached MAD22 billion last year, accounting for 53.4% of the total market. The non-life sector saw a steady growth of 5.7% last year.
In contrast, life premiums surged 19.1% to MAD17 billion last year.
The reinsurance sector posted premiums of MAD2.1 billion in 2017, representing a dip of 1.2% y-o-y.
The provisional figures for the insurance industry from the ACAPS were as follows:
Morocco’s insurance and reinsurance sector is poised to see significant developments soon as a law has been passed paving the way for insurance coverage of the risk of disasters and climate change. M
MAD1 = US$0.11