Life insurance - Morocco | Statista Market Forecast

The Life insurance market market in Morocco is expected to reach a projected market size (gross written premium) of US$3.04bn in 2024.
Furthermore, the average spending per capita in the Life insurance market market is estimated to amount to US$79.51 in 2024.
The gross written premium is projected to exhibit an annual growth rate (CAGR 2024-2029) of 5.24%, leading to a market volume of US$3.92bn by 2029.
When compared globally, the United States is anticipated to generate the highest gross written premium of US$1.3tn in 2024.
The Moroccan life insurance market is experiencing a surge in demand due to increasing awareness about the importance of financial security.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

The Life insurance market in Morocco is experiencing a steady growth trajectory, driven by evolving customer preferences, emerging trends, and unique local circumstances.

Customer preferences: Moroccan customers are increasingly recognizing the importance of financial security and long-term planning, leading to a growing demand for life insurance products. With rising disposable incomes and a greater awareness of the benefits of insurance coverage, individuals are seeking comprehensive policies that offer both protection and investment opportunities.

Trends in the market: One notable trend in the Moroccan life insurance market is the shift towards digitalization. Insurers are leveraging technology to enhance customer experience, streamline processes, and offer innovative products tailored to individual needs. Additionally, there is a growing emphasis on sustainable and ethical investment practices, with customers showing a preference for insurance providers that prioritize environmental, social, and governance considerations.

Local special circumstances: Morocco's strategic geographic location as a gateway between Europe and Africa, along with its stable economic growth, is attracting foreign insurers to establish a presence in the market. This influx of international players is fostering competition, driving product innovation, and expanding the range of options available to Moroccan consumers. Moreover, the country's young and growing population presents a promising demographic for life insurance penetration, with a rising middle class seeking to secure their financial future.

Underlying macroeconomic factors: The Moroccan economy's resilience and diversification efforts are bolstering consumer confidence and purchasing power, creating a conducive environment for the life insurance market to thrive. As the government continues to implement reforms to strengthen the financial sector and promote insurance penetration, the industry is poised for sustained growth. Additionally, Morocco's strategic partnerships and trade agreements with various countries are enhancing market stability and fostering investment opportunities in the insurance sector.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.