The Moroccan insurance market achieved net premiums written totalling MAD28.4 billion (US$2.89 billion) last year, an increase of 6.3% over the MAD26.7 billion reported in 2013, according to the Department of Insurance and Social Welfare (DAPS) under the Ministry of Economy and Finance. The insurance penetration rate reached 3.14% last year against 3.09% in 2013.