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Agadir – Morocco’s insurance sector recorded a strong performance during the first quarter of 2026, with total premiums issued rising by 17.2% compared to the same period last year, according to new figures released by the Insurance and Social Security Supervisory Authority (ACAPS).
ACAPS reported that overall premiums reached approximately MAD 21.3 billion ($ 2.3 billion), across both life and non-life insurance branches, alongside growing interest in investment-linked savings products.
Life insurance emerged as the main driver of growth during the first three months of the year, recording a 37% increase to reach MAD 8.2 billion ($880 million). The segment’s expansion was attributed primarily to the rise in unit-linked savings contracts, whose premiums surged by 385.9% to nearly MAD 1.9 billion ($204 million).
Individual protection insurance maintained its upward trajectory, with death benefit premiums increasing by 6.8% to exceed MAD 1 billion ($108 million).
In the non-life segment, premiums increased by 7.5% to reach MAD 13.1 billion ($1.41 billion). Motor insurance remained the sector’s leading branch, generating approximately MAD 5.8 billion ($624 million) in premiums, up nearly 10% year-on-year. Civil liability insurance alone accounted for MAD 4.6 billion ($495 million), representing an increase of 8.6%.
Several other categories also posted significant gains. Technical risk insurance rose by 41.9%, while surety bonds increased by 26.7% and general liability insurance climbed by 11%.
Health and personal injury insurance continued to expand as well, growing by 8.6% to MAD 1.7 billion ($183 million). Insurance covering occupational accidents and diseases reached MAD 1.5 billion ($161 million), up 4.7%.
However, not all segments recorded positive results. Transport insurance declined by 3.7%, while the category classified as “other operations” registered a sharp drop of 24.3%.
Regarding claims and benefits paid by insurers, ACAPS reported a total of MAD 10.5 billion ($1.13 billion) during the quarter, marking a 4.6% increase overall. Life insurance benefits rose significantly by 17.4% to MAD 4.9 billion ($527 million), whereas non-life benefits declined by 4.4% to MAD 5.6 billion ($602 million).
The report also showed that acquisition costs increased moderately by 4.7% to MAD 1.58 billion ($170 million), while management expenses fell by 2.3% to MAD 1.62 billion ($174 million, indicating improved operational cost control within the sector.
Meanwhile, insurance companies’ allocated investments reached MAD 239.4 billion ($25.75 billion), representing a 2.9% increase. The investment structure remained largely dominated by fixed-income assets, which accounted for 47% of portfolios, followed by equities at 43%, real estate at 6%, and other assets at 4%.
ACAPS also highlighted strong increases in deposits within non-refundable accounts, which jumped by 54%, alongside a 28.4% rise in investments linked to unit-linked contracts, confirming the growing appeal of innovative savings products in the Moroccan market.
