Morocco: Insurance market continues to demonstrate resilience
Source: Middle East Insurance Review | Feb 2024
The insurance sector continues to demonstrate its resilience and develop, despite a difficult macroeconomic situation, according to the Systemic Risk Coordination and Monitoring Committee (CCSRS), which met last December at the headquarters of the central bank, Bank Al-Maghrib (BAM).
At the end of October 2023, written premiums increased by 1.4% to reach MAD47.4bn ($4.8bn), thanks to the dynamics of the non-life branch which achieved growth of 7.1% while the life business fell by 5.2% linked in particular to inflation, said BAM in a media statement.
On a financial level, the sector’s investment portfolio appreciated by 3.3% to stand at MAD229.6bn, said the press release, noting that unrealised capital gains increased by 30.6% to MAD19.6bn because of recovery in the stock market.
The insurance industry’s net result improved. In terms of solvency, the sector continued to generate an average margin well above the regulatory minimum under the current prudential framework.
The CCSRS is composed of representatives of Bank Al-Maghrib, the Moroccan Capital Market Authority (AMMC), the Insurance and Social Security Control Authority and the Treasury and External Finance Department. At the last meeting, the committee also took stock of the progress of the financial stability roadmap covering the period 2022-2024. M