General Liability Insurance - Morocco

The General Liability Insurance market market in Morocco is expected to reach a projected market size (gross written premium) of US$203.90m in 2024.
Furthermore, the average spending per capita in the General Liability Insurance market market is estimated to be US$5.34 in the same year.
The gross written premium is anticipated to display an annual growth rate (CAGR 2024-2029) of 3.36%, resulting in a market volume of US$240.60m by 2029.
When compared globally, the United States is predicted to generate the highest gross written premium, amounting to US$178.4bn in 2024.
The increasing number of small and medium-sized enterprises in Morocco has led to a rising demand for General Liability Insurance in the country.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Morocco is experiencing steady growth and development, driven by various factors influencing the insurance industry in the country.

Customer preferences: Moroccan customers are increasingly recognizing the importance of protecting their businesses against potential risks and liabilities. With the growing awareness of the benefits of General Liability Insurance, businesses are showing more interest in securing coverage to safeguard their operations and assets.

Trends in the market: One notable trend in the General Liability Insurance market in Morocco is the rise of tailored insurance products to meet the specific needs of different industries. Insurers are customizing their offerings to cater to the unique risk profiles of businesses operating in sectors such as construction, manufacturing, and services. This trend is not only enhancing customer satisfaction but also driving overall market growth.

Local special circumstances: Morocco's evolving regulatory environment and efforts to enhance corporate governance practices are playing a significant role in shaping the General Liability Insurance market. As the country strengthens its regulatory framework and promotes risk management standards, businesses are increasingly turning to insurance solutions to comply with requirements and mitigate potential liabilities.

Underlying macroeconomic factors: The overall economic stability and growth in Morocco are bolstering the General Liability Insurance market. As businesses expand and diversify their operations, the demand for insurance coverage is on the rise. Additionally, the government's focus on infrastructure development and attracting foreign investments is creating new opportunities for insurers to provide risk management solutions to both local and international companies operating in the country.

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.