The Takaful insurance sector garnered 65.9 million dirhams (MDH) in premiums in 2023, according to the 11th annual financial stability report published by Bank Al-Maghrib, the Insurance and Social Welfare Supervisory Authority, and the Moroccan Capital Market Authority. The bulk of these premiums came from the life insurance category, which accounted for 58.4 MDH, while multi-risk building insurance generated a smaller volume of business at 6.6 MDH.
In terms of reinsurance for Takaful activities, the report indicates that reinsurance acceptances recorded a turnover of 5 MDH.
The report on financial stability was reviewed and approved by the Coordination and Systemic Risk Monitoring Committee (CCSRS) during a meeting in early July 2024 in Rabat.
