Morocco: Insurance market weakens in August
Source: Middle East Insurance Review | Nov 2020
Premiums issued by insurance and reinsurance companies in Morocco totalled MAD2.47bn ($267.8m) in August, down 17% compared to a year earlier, according to data from the Supervisory Authority of Insurance and Social Welfare (ACAPS).
August’s performance breaks a recovery in the insurance industry that was seen in the previous two months. Premiums grew year-on-year in July by 7.4% and in June by 41.5%, after a decline of 4.7% in May and a fall of 12.1% in April.
The decline in August was due mainly to weak performance in the life sector which posted premiums of MAD1.19bn, down 31.2% y-o-y. More specifically, savings premiums amounted to only MAD958.9m in August, a decrease of 37.3% over the corresponding month last year.
The non-life sector reported premiums totalling MAD1.27bn in August, 2.7% higher than in the corresponding month last year. M
MAD1 = $0.11