Morocco's insurance and reinsurance sector achieved a total turnover of MAD37.7bn ($4.07bn) in the first half of 2025 (1H2025), a growth of 7.7% compared to the corresponding half a year earlier, according to the Insurance and Social Security Supervisory Authority (ACAPS). The first half of this year reflected the recovery trend that began in 2024.
Direct insurance premiums grew by 7.5% to MAD34.5bn while reinsurance jumped by 10.8% to MAD3.2bn in 1H2025.
In the first six months, growth was seen in both the life (+8.4% to MAD14.9bn) and non-life (+6.8% to MAD20.1bn) sectors.
Life insurance
The life branch’s 1H2025 performance is primarily attributable to the growth in savings in dirham-denominated products (+5.6%), which represents 80.7% of life insurance activity. This momentum was reinforced by the strong growth in unit-linked savings, which collected MAD975.1m in premiums in 1H2025, a surge of 79.4% over 1H2024. This trend is explained in particular by favourable conditions in the financial markets, especially the stock market, which have stimulated the interest of customers.
Meanwhile, life insurance (death protection) grew by 4.4%, with a turnover of MAD1.9bn, 55% of which was generated by mortgage life insurance contracts.
Non-life insurance
In non-life insurance, total premiums reached MAD19.6bn (excluding acceptances), registering an increase of 6.9%, higher than the average of 5.4% recorded over the last 10 years.
This performance is mainly based on the strong momentum of the motor segment, which generated MAD9.2bn in premiums (+6.6%), as well as the increase of 5.4% to MAD3.1bn in premiums relating to accidents (personal injury).
Premiums in the technical risk branch soared by 66.6% to MAD335.6m. This growth is primarily attributable to the strong performance of construction insurance (+72% for all-risks construction insurance and +89.1% for 10-year liability insurance), driven by major infrastructure projects related to large sporting events held in the country.
The remaining non-life insurance categories, representing approximately 35% of the sector, grew by 5.7% to a total of MAD6.9bn in premiums.
Moroccan insurance market performance in 1H2025
|
Branch (MAD m)
|
1H2025 Premiums
|
Change over 1H2024
|
|
Life
|
14,935.9
|
8.4%
|
|
Savings plans
|
12,059.4
|
5.6%
|
|
Death protection plans
|
1,901.4
|
4.4%
|
|
Investment-linked plans
|
975.1
|
79.4%
|
|
Non-life
|
20,137.3
|
6.9%
|
|
Catastrophe
|
396.5
|
11.5%
|
|
Accident and health
|
3,116.2
|
5.4%
|
|
- of which, health
|
2,708.9
|
5.9%
|
|
Workplace accident & illnesses
|
1,823.4
|
5.3%
|
|
Automobile
|
9,233.3
|
6.6%
|
|
- of which, 3rd-party liability
|
7,465.9
|
5.5%
|
|
Liability
|
528.5
|
6.5%
|
|
Fire
|
1,852.0
|
2.9%
|
|
Technical risks
|
335.6
|
66.6%
|
|
Transport
|
457.5
|
1.3%
|
|
Assistance
|
1,106.6
|
6.3%
|
|
Credit
|
173.8
|
13.3%
|
|
Acceptances - non-life
|
551.9
|
10.8%
|
|
Others
|
562.1
|
13.0%
|
|
Total
|
35,073.2
|
7.5%
|
|
Source: ACAPS
Figures above exclude data from reinsurance and takaful companies
|