Wafa Assurance has maintained its leadership of the Moroccan insurance market in 2024 with a market share of 19.7%. Following it are RMA (14.9%) and Mutuelle Taamine Chaabi (12.9%) in the second and third position.
The Moroccan insurance sector generated revenue of MAD59.71bn ($6.31bn) in 2024, up by 5.2% year-on-year. In total, the volume of business, including reinsurance acceptances, exceeded MAD60bn for the first time, reaching more than MAD63.5bn.
The ranking of insurance companies by turnover, as compiled by the newspaper Le Matin, shows the top 10 insurers in Morocco as:
|
Rank
|
Insurer
|
Premiums
MAD bn
|
Market share
|
|
1
|
Wafa Assurance
|
11.74
|
19.7%
|
|
2
|
RMA
|
8.90
|
14.9%
|
|
3
|
Mutuelle Taamine Chaabi
|
7.72
|
12.9%
|
|
4
|
AXA Assurance Morocco
|
6.81
|
11.4%
|
|
5
|
Sanlam
|
6.28
|
10.5%
|
|
6
|
AtlantaSanad
|
5.26
|
8.8%
|
|
7
|
MCMA
|
2.68
|
4.5%
|
|
8
|
Marocaine Vie
|
2.16
|
3.6%
|
|
9
|
Allianz Assurance Morocco
|
1.92
|
3.2%
|
|
10
|
MAMDA
|
1.48
|
2.5%
|
Notably, Axa Assurance Morocco improved its market share by 20 basis points to 11.4% in 2024. Its business grew by 7.6%, faster than its competitors. Allianz Morocco recorded a solid growth of 26.2% in premiums, improving its market share to 3.2% in 2024, compared to 2.7% in 2023.