Premiums issued by insurance and reinsurance companies in Morocco totalled MAD2.47bn ($269m) in August, down 17% compared to a year earlier, according to data from the Insurance and Social Insurance Supervisory Authority (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 insurance sector which posted premiums of MAD1.19bn, down 31.2% year-on-year. More specifically, savings premiums amounted to only MAD958.9m in August, a decrease of 37.3% over the corresponding month last year.
“There is generally a slowdown that takes place in August compared to July and June. This month corresponds to the summer holidays,” an insurance broker told Les Eco.
The non-life insurance sector reported premiums totalling MAD1.27bn in August, 2.7% higher than in the corresponding month last year.