Insurance sector growth of 5.3% in 2024 with premiums exceeding 59.7 billion dirhams
Insurance Premiums in Morocco Reach 59.7 Billion Dirhams in 2024
Insurance and reinsurance premiums issued by companies in Morocco have surpassed 59.7 billion dirhams (MMDH) in 2024, marking a significant increase of 5.3% compared to the previous year. This data is based on the latest statistics released by the Insurance and Social Welfare Control Authority (ACAPS).
These premiums are divided between the "Life" and "Non-Life" sectors. The "Life" sector experienced a growth of 5.1%, reaching 27.2 MMDH, while the "Non-Life" sector saw a 5.5% increase, amounting to 32.5 MMDH.
Within the "Life" sector, the "Death" and "Savings linked to Dirhams" segments saw respective increases of 3.7% to 3.45 MMDH and 3.7% to 22.05 MMDH. Meanwhile, the "Savings linked to Account Units" segment recorded a substantial rise of 31.1%, reaching 1.64 MMDH.
In the "Non-Life" sector, premiums from the "Automobile" segment exceeded 15.26 MMDH, representing a 6.2% increase. However, technical risks experienced the most significant decline, dropping by 17.8% to 377.4 million dirhams (MDH).
Furthermore, ACAPS reported a 3.7% increase in acceptances, bringing their total to 790.2 MDH, which underscores the ongoing strength and resilience of the insurance sector in Morocco.
