The Moroccan insurance sector's growth momentum, which started in 2021, continued in the first quarter of 2023.
The insurance sector improved its profitability in 2022, when it chalked up a net profit of MAD4.3bn ($430m), according to the Insurance and Social Security Supervisory Authority (ACAPS).
The Insurance and Private Pensions Regulatory and Supervisory Agency (SEDDK) has amended regulations on the financial reporting of insurance and reinsurance companies and pension companies.
Islamic insurers, licensed under Morocco's takaful regulations, generated contributions totalling MAD11.8m ($1.18m) in 2022, the first year of their operations, according to data released by the Insurance and Social Welfare Control Authority (ACAPS).
The insurance industry in Morocco is undergoing a major transformation thanks to InsurTech start-ups.
Wafa Assurance has retained its leadership in Morocco's insurance market (Life and Non-Life combined), with a record turnover of MAD10.42bn in 2022.
French insurance consultancy and brokerage group Diot-Siaci and the investment fund dedicated to Africa, Amethis, have announced the signing of an agreement to acquire a majority stake in the Moroccan group, ASK Gras Savoye.
Two insurers, Wafa Assurance and MAMDA-MCMA, plan to join forces with the Moroccan Interprofessional Pension Fund (CIMR), which manages private sector pensions, to create a joint venture in the Moroccan real estate sector.
Insurance companies (excluding exclusive reinsurers and takaful insurers) closed the 2022 financial year with a year-on-year increase of 8.5% in their overall turnover that reached MAD54.5bn ($5.1bn), according to 2022 full-year statistics published by the Insurance and Social Welfare Supervisory Authority (ACAPS).
A national survey of insurance products, undertaken by the Insurance and Social Welfare Supervisory Authority (ACAPS), has revealed that the penetration of insurance products, excluding motor insurance, is low among individuals.