The insurance sector in Morocco recorded a record half-yearly turnover of MAD32.7bn ($3.3bn) in 1H2024, growing by 5.2% compared to the first six months of 2023, according to data published by the Moroccan Insurance Federation.
However, this overall growth masks uneven performances among insurance companies, some of which stand out with a more marked growth and an increasing market share.
The top 10 insurance companies in Morocco in terms of premiums in the first half of 2024 were:
|
Insurance Company
|
Premiums (MAD m)
|
|
1H2024
|
1H2023
|
Y-o-Y change
|
Market share
|
|
Wafa Assurance
|
6,144.6
|
5,694.4
|
7.9%
|
18.8%
|
|
RMA
|
4,717.5
|
4,686.8
|
0.7%
|
14.4%
|
|
AXA Assurance Maroc
|
4,057.9
|
3,583.8
|
13.2%
|
12.2%
|
|
Mutuelle Taamine Chaabi
|
3,874.3
|
3,756.6
|
3.1%
|
11.9%
|
|
Sanlam
|
3,535.5
|
3,493.1
|
1.2%
|
10.8%
|
|
AtlantaSanad
|
3,096.0
|
3,085.3
|
0.3%
|
9.5%
|
|
MCMA
|
1,589.2
|
1,552.6
|
4.4%
|
4.9%
|
|
Marocaine Vie
|
1,186.1
|
1,201.8
|
-1.3%
|
3.6%
|
|
Allianz
|
1,005.4
|
829.0
|
21.3%
|
3.1%
|
|
CAT
|
744.6
|
711.1
|
4.7%
|
2.3%
|
|
Source: Moroccan Insurance Federation
|
Wafa Assurance strengthened its leadership, with a market share increased to 18.8%, thanks to a first-half turnover of MAD6.14bn, an increase of 7.9%. RMA maintained its second position with a 14.4% market share, and MAD4.71bn in premiums (+0.7%).
Axa Assurance Maroc rose by a rank to third place, with a growth of 13.2% in turnover to MAD4.05bn, bringing its market share to 12.4%.
Notably, thanks to a growth rate of 21%, three times higher than the market average, Allianz Maroc exceeded the milestone of MAD1bn in half-yearly turnover for the first time in 1H2024.