News Middle East27 Oct 2020

Morocco:Reinsurance business outpaces direct insurance in 1H

| 27 Oct 2020

The premium income of insurance companies in the first half of 2020 increased by 4.6% to MAD27.3bn ($2.9bn), compared to the corresponding period last year, according to a report published in mid-October by the Insurance and Social Security Supervisory Authority (ACAPS).

Direct business contributed 91.7% of the total premium income, increasing by 1.5% to reach MAD25.16bn for the first half of 2020. Reinsurance acceptances, accounting for 8.3% of total premium income, soared by 58.8% to MAD2.26bn.

Life insurance business grew by 3.1% to MAD10.8bn in 1H2020. Savings products accounted for MAD8.5bn or the majority of the turnover. Non-life insurance business edged up marginally by 0.4% to MAD14.3bn. The largest increases were in accident, maternity, automobile, fire and natural disaster insurance.



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