Rabat - Moody’s International Cabinet’s latest report on insurance ranked Morocco as North Africa’s largest insurance market.
Rabat – Moody’s International Cabinet’s latest report on insurance ranked Morocco as North Africa’s largest insurance market.
In 2013, Morocco’s insurance sector was Africa’s second largest market after South Africa, with regard to issued premiums.
Morocco also ranked the Arab World’s top market concerning penetration rate in 2013, according to Le Matin newspaper.
Between 2012 and 2013, the insurance sector recorded an average growth of 2.7 percent according to La Fédération Marocaine des Sociétés d’Assurance et de Réassurance (FMSAR). The sector’s growth was mainly driven by increases in real estate loans.
In 2014, issued premiums in the insurance sector stood at MAD 28.4 billion, having recorded an increase of 6.4 percent in one year, according to la Direction des Assurances et de la Prévoyance Sociale.
Penetration rate also increased from 3.09 percent in 2013 to 3.14 percent in 2014. Life insurance registered a growth of MAD 9.4 billion, with an increase of 9.3 percent in one year.
Non-life insurance annual growth stood at 4.9 percent with total revenues reaching MAD 19 billion.