The Non-life insurances market in Morocco has been experiencing significant growth and development in recent years. Customer preferences in the Moroccan non-life insurance market are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking policies that offer not only basic coverage for property and casualty, but also additional benefits such as travel insurance, health insurance, and cyber insurance. This trend mirrors a global shift towards more holistic insurance solutions that address the diverse needs of modern consumers. Trends in the Moroccan non-life insurance market indicate a growing demand for innovative products and digital solutions. Insurers are adapting to this trend by introducing new products that cater to emerging risks such as climate change, cybersecurity threats, and changing consumer behaviors. Additionally, the market is witnessing increased competition as both domestic and international insurance companies expand their operations in Morocco to capitalize on the growing demand for non-life insurance products. Local special circumstances in Morocco, such as regulatory reforms and government initiatives to promote financial inclusion, are also driving the development of the non-life insurance market. The Moroccan government has been implementing measures to enhance the regulatory framework for the insurance sector, which has increased transparency, consumer trust, and market stability. Furthermore, initiatives to improve financial literacy and awareness about the importance of insurance coverage have contributed to the growth of the non-life insurance market in the country. Underlying macroeconomic factors, including steady economic growth, rising disposable incomes, and urbanization, are creating a favorable environment for the expansion of the non-life insurance market in Morocco. As the economy continues to grow and diversify, more individuals and businesses are recognizing the need for adequate insurance coverage to protect their assets and mitigate risks. This growing awareness, coupled with favorable demographic trends and increasing insurance penetration rates, is expected to drive further growth and innovation in the Moroccan non-life insurance market in the coming years.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
