The insurance sector in Morocco has continued its upward trend with an 11% increase in turnover to MAD39 billion ($4.1 billion) in 2017, compared to the previous year. The 2017 growth rate, however, was slower than the 15% rate seen in 2016.
The industry's 2017 financial performance was driven by sustained growth in life and non-life business, according to the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR).
Contributing 43.6% to the turnover of the sector, the life sector reported premiums in 2017 of nearly MAD17 billion , up 18.8 % compared to the previous year. Non-life insurance generated sales of nearly MAD22 billion for 2017, representing an increase of 5.6% over 2016 and 56.4% of the total insurance market premiums.
The FMSAR report shows that motor insurance was the driver of the non-life sector, contributing 27% of the overall insurance turnover. Motor premiums amounted to MAD10.52 billion in 2017, 5.8% higher than in 2016. The breakdown for other non-life classes of business includes:
- personal injury, with premiums of MAD 3.92 billion representing a 10.1% market share;
- workplace accident, with premiums of MAD2.22 billion (5.7%);
- credit and surety, with premiums of MAD1.41 billion (3.6%); and fire with premiums of MAD1.33 billion (3.4%);
The FMSAR report shows that Wafa Assurance alone contributed MAD8.04 billion to the sector's overall turnover in 2017, thus covering a market share of 20.6%. RMA Assurance was in second place with premiums of MAD6.22 billion. The third largest insurer was Saham Assurance with premiums of MAD4.85 billion.