Morocco: Bancassurance channel grows marginally, increases market contribution in 2020
Source: Middle East Insurance Review | Sep 2021
The bancassurance channel generated premiums totalling MAD13.75bn ($1.53bn) in 2020, representing flat growth of 0.4% from the MAD13.69bn recorded for 2019, according to data from the Insurance and Social Insurance Supervisory Authority.
Compared to other distribution channels, bancassurance improved its market share to 29.7% in 2020. This share increased steadily from 23% in 2016 to 25% in 2017, 27% in 2018 and 29% in 2019.
Bancassurance ranked behind the insurance broking channel in market contribution. The latter accounted for 33.7% of turnover in the insurance sector last year.
Life insurance contributed the most, with premiums of MAD13.1bn in 2020. This is 95.3% of total bancassurance premiums. The remaining 4.7% of bancassurance premiums were from lines of business including credit and accident insurance.
In bancassurance, insurers form partnerships with banks, finance companies and micro-credit associations. The banking sector plays the biggest role in bancassurance.
Banks collected MAD13.7bn in premiums in 2020, which is 99.7% of total premiums generated from bancassurance.
Among the 11 financial institutions which engage in bancassurance, Banque Populaire contributed the biggest share of 42.8% last year in terms of premiums, with Attijariwafa Bank in second place with 22.3% and BMCE Bank of Africa in third place with 21.6%. M