Insurances

The Insurances market in Morocco is projected to reach a market size (gross written premium) of US$6.38bn in 2024.
Among the different segments, Non-Life Insurances dominate the market with a projected market volume of US$3.34bn in 2024.
On average, each person in Morocco is expected to spend US$167.00 on Insurances market in 2024.
When compared globally, the United States is projected to have the highest nominal value, reaching US$3.8tn in 2024.
The gross written premium is expected to grow at an annual rate of 4.98% (CAGR 2024-2029), resulting in a market volume of US$8.14bn by 2029.
Once again, the United States is expected to generate the highest gross written premium in 2024, reaching US$3.8tn.
The insurance market in Morocco is experiencing a surge in demand due to the increasing awareness of the importance of financial protection in the face of unforeseen events.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. 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.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Morocco has been experiencing significant growth and development in recent years. Customer preferences in the Moroccan insurance market are shifting towards more comprehensive coverage options that offer protection against a wide range of risks. Customers are increasingly seeking insurance products that provide not only basic coverage for health and property, but also additional benefits such as travel insurance and cyber protection. This trend mirrors a global shift towards more holistic insurance solutions that address the evolving needs of consumers in an increasingly interconnected world. Trends in the market indicate a growing demand for Islamic insurance, or Takaful, in Morocco. As a predominantly Muslim country, there is a rising preference for insurance products that comply with Islamic principles of risk-sharing and mutual cooperation. This trend is in line with the broader growth of Islamic finance globally, as more customers seek financial products that align with their religious beliefs and values. Local special circumstances in Morocco, such as regulatory reforms and government support for the insurance sector, have played a key role in driving market growth. The Moroccan government has implemented policies to promote financial inclusion and stability, which have helped to increase insurance penetration in the country. Additionally, the introduction of new insurance laws and regulations has created a more favorable environment for both insurers and customers, leading to a more competitive and dynamic market. Underlying macroeconomic factors, such as steady economic growth and increasing disposable income, have also contributed to the development of the insurance market in Morocco. As the economy continues to expand and the middle class grows, more individuals and businesses are able to afford insurance products, driving overall market growth. Furthermore, the stability of the political and regulatory environment in Morocco has instilled confidence in both insurers and customers, supporting the long-term sustainability of 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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.