Morocco: Non-life operating margin plummets by 2/3 in 2016

Source: Middle East Insurance Review | Nov 2017

The operating margin of non-life insurers fell by 66.4% to MAD761.75 million (US$81 million) in 2016 from MAD2,267.18 million in 2015, according to the Moroccan insurance regulator, the Supervisory Authority of Insurance and Social Security (ACAPS) in its annual report.

The plunge is attributed to the worsening of claims in the motor business, fire and natural elements and crop insurance.

Last year, the non-life sector accounted for 59.3% of the industry turnover with premiums of MAD20.6 billion, representing an increase of 4.7% over 2015. Total premiums in the Moroccan insurance industry grew by 15.4% to MAD35.1 billion.

The ACAPS report shows Wafa Assurance ranked first in Morocco in terms of market share in 2016. The insurer ranked first in the life segment (28.3% of market share) and second in non-life insurance, behind Saham Assurance. M

MAD1 = US$0.11

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