The insurance sector in Morocco continues its upward trajectory, with a notable increase in cumulative premiums at the end of September 2024. This dynamism is based on the balanced performance of the Life and Non-Life branches, as well as on key segments such as savings. , automobile and personal accidents.
At the end of September 2024, the Moroccan insurance sector recorded a total of 45 billion dirhams in premiums (excluding exclusive reinsurers), up 4.8% compared to the same period of the previous year. This dynamism is based on balanced performance between the Life and Non-Life branches, which reflect the adaptability and ability of the market to meet the expectations of policyholders. Recent data also confirms growth potential for the last quarter, suggesting a new historic record for the current year.
Growth driven by key segments
The Life branch, with 19.6 billion dirhams in written premiums, showed an increase of 4.1% over one year. Savings, the main lever of this branch, presents contrasting results: products in dirhams, representing the majority of premiums with 16.2 billion dirhams, increased by 3.3%. Furthermore, unit-linked savings saw a notable increase of 17.7%, reaching 861.5 million dirhams, confirming a growing interest in diversified solutions. Life insurance also recorded an increase of 4.8%, for a total of 2.6 billion dirhams.
As for the Non-Life branch, premiums reached 25.4 billion dirhams, up 5.3%. Motor insurance dominates with 11.8 billion dirhams (+5.7%), mainly thanks to compulsory civil liability. Personal injury accidents also increased (+5.5%), totaling 4.3 billion dirhams, while the fire segment showed growth of 7.5% for 2.1 billion dirhams. The guarantee against catastrophic events contributes with 486.9 million dirhams, an increase of 9.2%.
Strategic investments to support growth
At the same time, the total outstanding investments in the sector amounted to 217.4 billion dirhams at the end of September 2024, up 2.3% quarter-on-quarter. Insurers concentrate their investments on interest rate assets, which total 105.6 billion dirhams, and on equity assets, amounting to 92.6 billion dirhams. These choices reflect a prudent strategy adapted to the liquidity and return needs of the sector.
A strategic sector for the Moroccan economy
The insurance sector in Morocco continues to position itself as an important pillar of the national economy. Product diversification, increased premiums and effective investment management strengthen the strength of market players in the face of emerging challenges. As the needs of policyholders evolve, Moroccan insurance companies demonstrate their ability to adapt and maintain steady growth.
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