Insurance in Morocco: Investment Savings in Unit-Linked Funds Significantly Boost Sector Growth
The Moroccan insurance sector is kicking off 2026 with particularly strong momentum, driven by a significant increase in savings in unit-linked accounts (ULAs), which have become one of the main growth engines of the life insurance branch.
According to the latest data published by the Insurance and Social Welfare Supervisory Authority (ACAPS), the sector has recorded a notable rise in its activity during the first quarter of 2026, confirming the robustness of its development trajectory.
Double-Digit Overall Growth
The total premiums issued by insurance and reinsurance companies reached 21.3 billion dirhams in the first quarter of 2026, marking a 17.2% increase compared to the same period last year.
This performance reflects widespread dynamism in both the life insurance segment and the non-life segment, with varying contributions from different branches.
ULAs: The Main Driver of the Life Insurance Sector
The life insurance branch stands out with exceptional growth, buoyed by the rise of savings contracts in unit-linked accounts.
These financial products, indexed to markets, have seen a spectacular increase of nearly 386%, indicating a growing interest among policyholders in more dynamic and potentially more lucrative investment solutions.
At the same time, savings in dirhams continue to grow at a more moderate pace, confirming the diversification of saving behaviors.
Regular Progress in the Non-Life Insurance Sector
The non-life branch is also continuing its steady growth, particularly supported by automobile insurance, which remains the dominant segment of the market.
Other branches are also showing positive performance, notably technical risks, credit insurance, and general liability, highlighting an overall improvement in insurance activity.
A Sector Supported by Financial Markets
The rise of unit-linked accounts is closely linked to the favorable evolution of financial markets, particularly the performance of the Casablanca Stock Exchange.
This trend reflects a gradual transformation in the behavior of savers, who are increasingly leaning towards financial investment-linked products, alongside traditional guaranteed support.
A Structural Growth Dynamic
Beyond quarterly fluctuations, the insurance sector in Morocco is confirming a fundamental upward trend in growth, supported by product diversification, digitalization of services, and evolving needs for protection and savings.
This dynamic reinforces the strategic role of the sector in financing the economy and mobilizing national savings.
