Morocco: 4 insurers command almost 61% of market

Source: Middle East Insurance Review | Nov 2017

Four insurers, out of the 19 insurers operating in the Moroccan market, account for nearly 61% of the sector’s overall turnover.

These four companies are: Wafa Assurance with a market share of 21%, Royal Moroccan Insurance or RMA (16.8%), Saham Assurance (12.4%) and AXA Assurance (11.2%), according to the 2016 report on the insurance industry issued by the Supervisory Authority of Insurance and Social Insurance (ACAPS).

The 2016 rankings of the top 10 insurers, which accounted for a combined 91% of total premiums, were more or less the same as in 2015, except for Mutuelle Attamine Chaabi (market share of 7.8%) which jumped 10 spots to number five because of its group savings operations.

The total direct premiums in the market in 2016 amounted to MAD34.9 billion (US$3.7 billion), 15.4% higher than in the previous year. Total claims paid out amounted to MAD28.8 billion, an increase of 17.7% compared to 2015. M

MAD1 = US$0.11

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