The bancassurance sector maintained its growth momentum, registering a 6.6% increase in 2024. The total premiums generated amounted to MAD20.5bn ($2.25bn), collected through banks network, finance companies, payment institutions, and microcredit associations, according to the Insurance and Social Security Supervisory Authority (ACAPS).
In its “Bancassurance 2024” report, ACAPS said that with a market share of 32%, bancassurance surpassed all other distribution channels, including brokers (30%), agents (22%) and direct management offices (16%).
By branch, life insurance continued to dominate the sector, with premiums of MAD19.7bn, representing 96.1% of total bancassurance premiums collected. The other segments, encompassing assistance (MAD696.4m), health and personal injury (MAD96.7m), retained 3.9%.
By insurance company, the majority of bancassurance premiums were collected by three insurers: Mutuelle Attamine Chaabi (MAD7.7bn), Wafa Assurance (MAD4.7bn) and RMA (MAD4.4bn).
The report also indicates that the bank network remains the primary source of bancassurance business. It accounted for MAD20.4bn in premiums, representing 99.8% of the total collected.
The three major Moroccan banks alone captured more than 84% of the total premiums. They were Banque Populaire (41.1% of premiums), followed by Bank of Africa (21.6%) and Attijariwafa Bank (21.4%).
Commissions paid for bancassurance sales reached MAD569.4m, a 16.3% increase compared to 2023.
Bancatakaful
Takaful activity is strengthening in the bancassurance sector. Participatory banks generated a premium volume of MAD91.8m in 2024, compared to MAD59.3m in 2023. Almost all of these premiums came from life insurance (96.8%), while the investment-linked category represented 3.2%.
By takaful company, Takafulia Assurances stood out with a bancatakaful market share of 39.5%, ahead of Wafa Takaful (25.1%), Taawouniyate Taamine Takafuli (17.6%) and Al Maghribia Takaful (15%).