A symbolic shift is reshaping Morocco’s insurance landscape. For the first time, in 2024, banks have overtaken traditional brokers as the top distributors of insurance products in the country. According to the latest annual report from the ACAPS (Morocco’s insurance and social welfare authority), banks collected 20.5 billion dirhams in premiums last year, securing a 32% market share. In contrast, brokers accounted for 30%, signaling a significant change in industry dynamics.
This rise is largely driven by the surge in life insurance and capitalization products, which now dominate the bancassurance segment. These two categories alone account for 96.1% of premiums collected by banks – roughly 19.7 billion dirhams. By comparison, other products such as health, personal accident, and assistance represent just 3.9% of the total.
The dominance of bancassurance is also closely tied to the growing strength of Morocco’s major banking networks. Bank branches are overwhelmingly the main distribution channel, accounting for 99.8% of all bancassurance sales. Alternative outlets, like finance companies and payment institutions, play only a marginal role.
Among the banks, Banque Populaire leads the pack, capturing 41.1% of bancassurance premiums. It is followed by Bank of Africa with 21.6% and Attijariwafa bank at 21.4%. Together, these three institutions control over 84% of the market. On the insurance side, Mutuelle Attamine Chaabi, Wafa Assurance, and RMA are the dominant players within this growing channel.
This power shift is also evident in commission earnings. Banks received 569.4 million dirhams in commissions in 2024, marking a 16.3% year-over-year increase. Banque Populaire once again comes out on top, followed by Attijariwafa bank and Bank of Africa.
Meanwhile, participatory bancassurance – aligned with Islamic finance principles – is gaining momentum as well. The Takaful segment, though still in its early stages, generated 91.8 million dirhams in premiums last year. A staggering 97% of this came from death benefit contracts. The market is currently led by Umnia Bank, Bank Assafa, and Dar Al-Amane, while Takafuliya Assurances stands as the leading insurer in this niche.
