Morocco: Bancassurance beats insurance broking channel in premium income for the first time
Source: Middle East Insurance Review | Feb 2024
The bancassurance channel attracted a record premium volume of MAD18.3bn ($1.85bn) in 2022, exceeding that of brokers for the first time.
Premiums from bancassurance jumped by 13.2% year on year in 2022, according to the “Bancassurance Activity Report - 2022” published by the Insurance and Social Security Supervisory Authority in January 2024. This followed an increase of 17.4% recorded in 2021.
Bancassurance saw its market share increase to 32% in 2022, ahead of insurance brokers (31%), agents (22%) and direct management offices (15%).
Life insurance sales dominated the bancassurance channel in 2022, with a premium income of MAD17.6bn, or 96.4% of the total premium income generated by the channel.
The report said that the banking sector remains the most dynamic in the distribution of insurance products, accounting for MAD18.2bn or 99.6% of the total bancassurance contribution. The other bancassurance channels (financing companies and microcredit associations) contributed MAD73.2m.
Most of the bancassurance premiums (85.8%) were from the three largest Moroccan banks. They were Banque Populaire (43.2% of premiums), Attijariwafa Bank (21.7%) and Bank Of Africa (20.9%).
The three insurance companies with the most premiums generated by the bancassurance channel were: Mutuelle Attamine Chaabi (MAD7.35bn), Wafa Assurance (MAD4.28bn) and RMA (MAD3.85bn).
Commissions paid by insurers in the bancassurance channel stood at MAD478.4m in 2022, an increase of 8.1% compared to 2021. M