Morocco: Market premiums grow nearly 8% to $4bn in 9M2022
Source: Middle East Insurance Review | Jan 2023
Overall premiums recorded by insurance and reinsurance companies (excluding exclusive reinsurers) in Morocco increased by 7.7%, y-o-y to reach MAD42.35bn ($4bn) in the first nine months of 2022.
This signifies that the insurance industry is heading towards a new annual record last year in terms of premiums, after it broke records in 2021, reported the newspaper Le Matin.
In the first three quarters of 2022, the overall market was driven by life insurance, whose premiums jumped by 9.5% to MAD19.78bn, against a 6.1% increase to MAD22.56bn in non-life business.
In the life branch, traditional savings products generated premiums of MAD16.29bn in the January-September period, up by 14.3% y-o-y. Unit-linked savings, meanwhile, fell by 25.8% to MAD1.06bn. M