News Middle East25 May 2023

Morocco:Growth of insurance market accelerates

| 25 May 2023

The Moroccan insurance sector's growth momentum, which started in 2021, continued in the first quarter of 2023.

Premium income in the sector rose year on year by 8.6% in the first quarter of 2023 to reach MAD16.6bn ($1.63bn), according to statistics released by the Insurance and Social Welfare Supervisory Authority (ACAPS). In comparison, the growth rate was 4% in 1Q2022 and 1.7% in 1Q2021.

Both the life and non-life insurance branches showed good momentum in 1Q2023.

The life insurance market posted written premiums of MAD5.29bn in 1Q2023, an increase of 4.4% over the corresponding period in 2022. It was outpaced by the non-life sector where premiums jumped by 10.6% to MAD11.32bn in the first three months of the year.

Motor insurance, which is the biggest class of business in the non-life sector, saw premium income rise by 5.8% to MAD4.92bn. Of this, motor third-party liability insurance business accounted for MAD4.02bn, 6.7% higher compared to 1Q2022.



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