Morocco: Slower growth in overall premiums due to weaker life business
Source: Middle East Insurance Review | Jul 2019
Total premiums generated by the Moroccan insurance industry crossed the threshold of MAD40bn ($4.1bn) to reach MAD41.3bn in 2018. The figure represents an increase of over 6.7% over the MAD38.7bn premium income reported for 2017. This growth rate was slower than the double-digit growth of previous years due to the sharp deceleration in life business.
Life premiums grew by 7.1% to MAD18.2bn in 2018, compared to a growth rate of 19% in 2017. Its share in the overall turnover of the sector improved, nevertheless, to 44%, since life business grew faster than the non-life sector.
Non-life premiums reached MAD22.9bn, an increase of 5.3% over 2017, according to data published by the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR). The non-life sector’s share in overall premiums of the industry was 55.5% last year, compared to 55.9% in 2017.
Motor premiums grew by 5.9% to MAD11.1bn, accounting for almost 27% of the total market share in 2018, a proportion similar to that in 2017.
The overall Moroccan market remained dominated by the top three insurers in 2018, namely, Wafa Assurance with premiums of MAD8.4bn, RMA with MAD6.5bn and Saham Assurance with MAD5.2bn.
The top three are closely followed by Mutual Taamine Chaabi, a subsidiary of the Banque Populaire Group that continued to grow in strength at a rate of 9% in 2018, garnering a turnover (exclusively in the life branch) of MAD4.25bn.
Also in the top 10 are: AXA Assurance Morocco (market share of 10.2%); Atlanta (5.9%), Sanad (4.9%), Marocaine Vie (4.4%); MCMA (3.4%) and MAMDA (2.4%). M
MAD1 = $0.10