Motor Vehicle Insurance - Morocco

The Motor Vehicle Insurance market market in Morocco is projected to reach a gross written premium of US$1.60bn in 2024.
The average spending per capita in the Motor Vehicle Insurance market market is estimated to be US$41.94 in 2024.
The annual growth rate for the gross written premium is expected to be 3.08%, resulting in a market volume of US$1.86bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$341.6bn in 2024.
The demand for motor vehicle insurance in Morocco has been steadily increasing due to the rise in car ownership and the need for financial protection.

Definition:

Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.

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.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

Over the past few years, the Motor Vehicle Insurance market in Morocco has shown steady growth and development. Customer preferences in the Motor Vehicle Insurance market in Morocco are increasingly leaning towards comprehensive coverage options that not only protect the vehicle but also offer additional benefits such as roadside assistance and coverage for personal belongings. Customers are also showing a growing interest in usage-based insurance policies that offer more personalized premium rates based on individual driving behavior. Trends in the market indicate a rise in the adoption of digital channels for purchasing motor vehicle insurance in Morocco. Insurers are leveraging technology to streamline the buying process, offer instant quotes, and provide round-the-clock customer support. Additionally, there is a noticeable shift towards eco-friendly insurance products that promote sustainable practices among policyholders. Local special circumstances in Morocco, such as a growing middle-class population and increasing urbanization, are contributing to the expansion of the Motor Vehicle Insurance market. As more Moroccans enter the middle-income bracket and purchase vehicles, the demand for insurance coverage is on the rise. Moreover, the government's focus on road safety initiatives and mandatory insurance requirements is further driving market growth. Underlying macroeconomic factors, including stability in the automotive industry, favorable regulatory environment, and economic growth, are playing a crucial role in shaping the Motor Vehicle Insurance market in Morocco. The stability in the automotive sector is boosting vehicle sales, leading to a larger customer base for insurance providers. Additionally, government regulations mandating motor vehicle insurance coverage are ensuring a steady flow of business for insurers. The overall economic growth in the country is also fueling consumer spending and investments in insurance products.

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.

As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.