Non-life insurances - Morocco | Statista Market Forecast

The Non-life insurances market market in Morocco is projected to reach a market size (gross written premium) of US$3.34bn in 2024.
The average spending per capita in the Non-life insurances market market is expected to amount to US$87.47 in 2024.
It is projected that the gross written premium will show an annual growth rate (CAGR 2024-2029) of 4.74%, resulting in a market volume of US$4.21bn by 2029.
When compared globally, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
In Morocco, there is a growing trend of increased demand for non-life insurance coverage, especially in the areas of property and casualty, driven by the country's economic growth and increasing consumer awareness.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

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.

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.