News Middle East11 May 2020

Morocco:Insurance sector sees 13% fall in premiums in March

11 May 2020

Premiums generated by the insurance industry in Morocco reached MAD3.08bn ($314m) in March 2020, down 13% compared to March 2019, according to data published by the Insurance and Social Insurance Supervisory Authority (ACAPS). The industry's performance was affected by the coronavirus pandemic.

Life insurance premiums plunged by 17.3% to MAD1.41bn while non-life premiums declined by 9.1% to MAD1.67bn in March 2020, compared to March 2019.

In the first quarter of the year, however, total premiums still showed an increase compared to the corresponding quarter in 2019, as per ACAPS data as shown below:

Period

Life

insurance

Non-life

insurance

Total

Mar 2020

1,407.1

1,673.3

3,080.4

Feb 2020

1,533.7

1,971.0

3,504,7

Jan 2020

2,490.5

5,132.4

7,623.9

1Q2020

5,431.3

8,776.7

14,208.0

Mar 2019

1,701.5

1,840.8

3,542.3

Feb 2019

1,964.8

1,870.9

3,835.7

Jan 2019

1,616.6

4,878.6

6,495.2

1Q2019

5,282.9

8,590.3

13,873.2

1Q Change

+2.8%

+2.2%

+2.4%

March only change

-17.3%

-9.1%

-13.0%

 

The first COVID-19 case was confirmed in Morocco on 2 March. The government imposed travel restrictions and other measures to curb the spread of the pandemic later that month. It declared a state of medical emergency on 19 March 2020 and extended this till 20 May.

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