The Insurance Industry in Morocco, Key Trends and Opportunities to 2018

Date: 2015-09

The Moroccan insurance industry is one of the largest in the Arab region, and the second-largest in Africa. Insurance penetration in Morocco stood at 3.03% in 2013, while the premium per capita stood at MAD815.4. Moroccoโ€™s insurance penetration was the regionโ€™s highest in 2013 despite low income levels and unfavorable demographics. However, the industry grew at a CAGR of 6.2% during the review period (2009โ€“2013). This growth was driven by favorable government strategies to expand the insurance industry, such as compulsory health insurance and third-party motor insurance, and the Contrat Program in 2011. Growth was further supported by economic development, the expanding mortgage market, growth in the travel and tourism industry and the introduction of bancassurance.

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