Africa - Morocco: Insurance market saw accelerated growth in 2015
Source: Middle East Insurance Review | Jun 2016
Total premiums written by the insurance sector in Morocco amounted to MAD30.4 billion (US$3.2 billion) in 2015, up 7% y-o-y. The pace of increase in premiums exceeded the 6.3% reported for 2014, according to data from the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR).
Life insurance continued its momentum last year with premiums soaring by 12.4% to MAD10.5 billion compared to an increase of 9.3% the previous year. Life insurance growth was driven by an upturn in individual business. This in turn was due to improved liquidity following the amnesty granted in 2014 by the government for the repatriation of assets held abroad by Moroccans, industry sources said.
However, the non-life sector expanded at 4.4% to MAD19.7 billion, slower than the 4.9% growth rate registered in 2014. Industry players attributes this to a slowdown in the automobile market, reported the news website Les Eco.
According to figures from the FMSAR, the auto insurance premium volume grew by 5.3% in 2015 to MAD9.5 billion, slower than 2014's growth of 6.3%. The auto business generated 31.3% of the total premiums in the insurance sector. Third-party liability insurance attracted premiums of MAD8.2 billion last year, an increase of 5.2% compared to 2014. The figure represented 86.2% of total auto premiums last year.
Looking ahead, industry sources expect further increases in life business this year, and forecast that the insurance market as a whole should see growth of 6-7% in 2016.