The Moroccan insurance and reinsurance sector has achieved a major milestone, with premiums exceeding 45 billion dirhams by the end of September 2024. This represents a growth of 4.8% compared to the same period last year, according to data released by the Authority for Insurance and Social Welfare Supervision (ACAPS).
This growth is driven by the performance of both life and non-life insurance segments. Life insurance premiums increased by 4.1%, reaching 19.64 billion dirhams. Within this category, death coverage rose by 4.8% to 2.59 billion dirhams, while savings products in dirham-denominated plans grew by 3.3% to 16.18 billion dirhams. Unit-linked savings products showed the most significant growth, with a 17.7% increase, reaching 861.5 million dirhams.
In the non-life insurance segment, premiums climbed by 5.3%, amounting to 25.36 billion dirhams. Automobile insurance remained a key driver, exceeding 11.83 billion dirhams with a 5.7% increase. However, technical risk insurance saw a sharp decline, falling by 12.1% to 293 million dirhams.
Reinsurance activity also expanded significantly. Acceptances—contracts to take on risks from other insurers—rose by 10.2% to 639.2 million dirhams, underscoring a growing appetite for shared risk management in the industry.
These figures highlight the resilience and adaptability of Morocco’s insurance sector. Despite challenges in certain niches, the overall market reflects robust demand for financial protection and savings products. With continued momentum, the industry is poised to play an even more pivotal role in supporting the country’s economic growth and stability.
