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Jun 2020

Morocco: Life business plunges in February

Source: Middle East Insurance Review | May 2020

The insurance industry saw premiums fall by 8.6% to MAD3.5bn ($350m) in February 2020, compared to the corresponding month in 2019, according to statistics released by the Supervisory Authority of Insurance and Social Welfare (ACAPS).
 
The decline is attributed to the weak performance of the life insurance branch. Life premiums plunged by 21.9% to around MAD1.53bn, compared to February 2019. Closer analysis of this showed that savings premiums fell 27.9% to MAD1.15bn.
 
ACAPS also noted a 17.4% drop in protection premiums to MAD263.2m in February 2020 compared to MAD318.4m in February 2019. Variable insurance plans surged by 148% to MAD118.4m.
 
According to analysis, individuals paid 78% of the life premiums in February, whereas group business accounted for 22%.
 
Performance of non-life sector
In contrast, non-life business increased by 5.4% to MAD1.97bn in February 2020 compared to the corresponding month last year. Corporate entities accounted for 58% of non-life premiums, whereas individuals contributed 42%.
 
With the exception of motor and transport branches, all classes of business declined in February 2020.
 
Automobile insurance premiums grew by 9.6% to MAD1.04bn. Of this, motor TPL insurance generated premiums of MAD871.1m, up by 4.5%.
 
Transport premiums reached MAD57.1m, up by 16%, while fire premiums saw the steepest fall of 41.4% to MAD64m in February 2020. M 
 
MAD1 = $0.10 
 
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