Impressive Growth in Insurance Premiums
The Moroccan insurance industry has demonstrated remarkable resilience and growth in the first quarter of 2026, as revealed by the latest figures from the Insurance and Social Security Supervisory Authority (ACAPS). The sector has recorded an impressive 17.2% increase in total premiums, amounting to approximately MAD 21.3 billion (around $2.3 billion). This surge encompasses both life and non-life insurance categories, reflecting a growing consumer interest in investment-linked savings products.
Life insurance has emerged as the standout performer, witnessing a staggering 37% increase, reaching MAD 8.2 billion (approximately $880 million). This expansion is significantly driven by the popularity of unit-linked savings contracts, which have seen premiums skyrocket by an astonishing 385.9%, totaling nearly MAD 1.9 billion (about $204 million). Additionally, individual protection insurance continues to thrive, with death benefit premiums increasing by 6.8% to surpass MAD 1 billion (around $108 million).
Diverse Growth Across Insurance Segments
In the non-life insurance segment, premiums have also shown a healthy increase of 7.5%, reaching MAD 13.1 billion (approximately $1.41 billion). Motor insurance remains the leading category, generating MAD 5.8 billion (around $624 million) in premiums, reflecting a nearly 10% year-on-year growth. Civil liability insurance has contributed significantly, accounting for MAD 4.6 billion (approximately $495 million), marking an increase of 8.6%. Other segments have also performed well, with technical risk insurance rising by 41.9%, surety bonds increasing by 26.7%, and general liability insurance climbing by 11%.
Health and personal injury insurance continues to expand, growing by 8.6% to MAD 1.7 billion (around $183 million), while insurance related to occupational accidents and diseases reached MAD 1.5 billion (approximately $161 million), reflecting a 4.7% increase. Conversely, not all segments experienced positive growth; transport insurance saw a decline of 3.7%, and the category labeled as 'other operations' faced a significant drop of 24.3%.
Regarding claims and benefits paid by insurers, ACAPS reported a total of MAD 10.5 billion (about $1.13 billion) during the quarter, which represents a 4.6% increase overall. Notably, life insurance benefits saw a significant rise of 17.4%, amounting to MAD 4.9 billion (approximately $527 million), while non-life benefits declined by 4.4% to MAD 5.6 billion (around $602 million). Moreover, acquisition costs have increased moderately by 4.7% to MAD 1.58 billion (approximately $170 million), while management expenses fell by 2.3% to MAD 1.62 billion (about $174 million), indicating improved operational cost controls within the sector.
Furthermore, insurance companies' allocated investments have reached MAD 239.4 billion (approximately $25.75 billion), reflecting a 2.9% increase. The investment structure remains predominantly composed of fixed-income assets, which constitute 47% of portfolios, followed by equities at 43%, real estate at 6%, and other assets at 4%. ACAPS also noted a notable increase in deposits within non-refundable accounts, which jumped by 54%, alongside a 28.4% rise in investments linked to unit-linked contracts, underscoring the growing appeal of innovative savings products in the Moroccan market.
As reported by moroccoworldnews.com.
