Morocco: Total market premium rose 9.3% to $5.3bn in 2022
Source: Middle East Insurance Review | Apr 2023
The total premium income of insurance and reinsurance companies in Morocco reached MAD54.9bn ($5.3bn) in 2022, increasing by 9.3% in nominal terms compared to 2021, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
The life insurance sector grew faster than the non-life market, growing at 11.5% to MAD25.6bn versus 7.5% to MAD29.3bn, ACAPS disclosed in its 4Q2022 statistical report. The split between life insurance business and non-life was 47% to 53%.
Savings plans contributed the biggest share of 82.6% to premium income generated in the life sector. It was also the fastest growing branch of life business, up 17.3% to MAD21.1bn. Investment-link segment plunged 29.7% to MAD1.2bn in 2022.
In the non-life sector, all lines showed growth in 2022. Motor third-party liability insurance was the largest branch, contributing 39% to total non-life premium income in 2022. M