Morocco: Insurance market grows to $6bn in GWP in 2024
Source: Middle East Insurance Review | Apr 2025
Gross written premiums (GWP) of Moroccan insurance and reinsurance companies reached MAD59.7bn ($6bn) in 2024, growing by 5.3% from the preceding year, according to preliminary data released by the Supervisory Authority of Insurance and Social Welfare (ACAPS).
GWP in the life insurance branch grew by 5.1% to MAD27.2bn (accounting for almost 46% of the market premium income), while non-life business grew by 5.5% to MAD32.5m (54% of the overall GWP).
Saving and pension premiums reached MAD22bn in 2024, registering a 6.7% increase over the preceding year and commanding nearly 81% of the overall life insurance business. Life protection premiums increased by 3.7% to MAD3.5bn, whereas unit-linked products saw a jump of over 31% to MAD1.65bn.
As for non-life business, motor insurance reached MAD15.3bn in 2024, up by 6.2% from the past year and accounting for around 47% of the overall non-life insurance market.
The second largest non-life line of business was personal accidents, including health insurance, as it generated GWP of MAD5.6bn, up by 4.9% from the previous year.