Morocco’s Insurance Sector Sees 17.4% Growth in Early 2020, Driven by Life Insurance Surge

Premiums issued by insurance and reinsurance companies (excluding exclusive reinsurers) reached 7.62 billion DH in January, up 17.4% year-on-year, according to ACAPS. This performance is attributed to the Life branch, which posted a 54.1% jump, thanks to savings products whose turnover increased by 65.8% to 2.17 billion DH. As for Non-life, it saw a 5.2% increase to 5.13 billion, or a 67.3% share at the end of January 2020.

ACAPS data shows that policyholders have developed a great interest in savings products (Retirement, Education...) in January. Thus, insurers’ turnover in this segment recorded a 65.8% increase to reach 2.17 billion DH. The share of Savings is 28.5% in the overall market.

Regarding death insurance, premiums issued grew by 7.8% to 252.4 billion; representing a 3.3% share. But the turnover related to "variable capital contracts" recorded a decline of 8.9% to 66.1 million DH.