News Middle East22 Feb 2021

Morocco:Insurance market sees turnover inch up by 2% in 2020

| 22 Feb 2021

The insurance sector in Morocco posted a turnover of MAD47.7bn ($5.4bn) in 2020, an increase of 2% compared to 2019, according to data released by the Insurance and Social Insurance Supervisory Authority (ACAPS).

The life branch recorded a turnover amounting to MAD20.4bn, which represented a decrease of 0.2% over 2019.

The non-life branch increased turnover by 3.9% to MAD 25.36bn in 2020, compared to 2019.

A breakdown of premium income by line of business is as follows:

Line

2020 Premiums

MAD m

Increase/decrease over 2019

2020 market

share %

Life

20,420.0

-0.2

100.0

Savings plans

16,084.1

-0.8

78.8

Protection plans

2,938.8

-2.5

14.4

Unit linked plans

1,396.7

13.7

6.8

Acceptances

0.4

-53.5

-

Non-life

25,365.3

3.9

100.0

Motor

11,874.7

-0.6

46.8

Accident

4,447.4

0.7

17.5

Work accident & occupational disease

2,258.3

-1.4

8.9

Fire

2,065.2

28.3

8.1

Credit

1427.7

-12.6

5.6

Transport

652.9

2.1

2.6

General liability

594.0

4.6

2.3

Catastrophe

482.6

-

1.9

Technical risk

177.0

-38.7

0.7

Acceptances

479.3

133.2

1.9

Others

906.1

11.0

3.7

Total

45,785.3

2.0

 

Source: ACAPS

 

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