News MiddleEast17 May 2018

Morocco:Insurance mart grows at 11% to over US$4 bln in 2017

| 17 May 2018

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%);

Insurance companies

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.


 

| Print | Share

CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.