Strong return to insurance, which is posting a record year in 2021. The overall premiums recorded by insurers (excluding exclusive reinsurers) exceeded the symbolic bar of 50 billion dirhams to 50.25 billion, up 10% over a year. This strong rebound was driven by Life insurance, whose premiums increased by 11.7%, ahead of Non-Life which grew by 8.6%. The two branches are also posting levels never before reached.
In 2021, the overall premiums recorded by insurance and reinsurance companies (excluding exclusive reinsurers) exceeded the symbolic bar of 50 billion DH. They reached 50.25 billion DH, up 10% over one year. A record annual turnover. It should be recalled that in 2020, the sector achieved written premiums of 45.1 billion DH (+1%) in direct business and 48.1 billion (+3%), taking into account reinsurance acceptances, including exclusive reinsurers. The strong rebound in the sector in 2021 is driven by Life insurance, whose premiums increased by 11.7% to 22.77 billion dirhams, ahead of Non-Life activity which increased by 8.6% to 27 47 billion dirhams. The two branches are also posting levels never before reached. The global market was mainly boosted by savings and cars, in addition to “Personal accident” insurance and the compulsory guarantee against the consequences of catastrophic events. For the life branch, despite a permanently low interest rate environment, traditional savings products (support in dirhams) drained 17.86 billion dirhams, up 11.3% compared to 2020. On the other hand, contracts invested in units of account – riskier than traditional contracts in dirhams, but potentially more profitable – continue to attract savings from Moroccans. Indeed, unit-linked savings jumped by 19.8% to 1.7 billion dirhams. In addition, death insurance premiums improved by 10% to 3.20 billion DH.
Life insurance therefore returned to growth in 2021 after a break a year earlier which experienced a contraction of 0.3%, following in particular restricted access to banking networks during confinement. Through bancassurance, the market benefits, among other things, from the potential of converting bank deposits into savings in Life insurance products. The latter offer rates of return deemed competitive and an “advantageous” tax framework. As for the Non-Life branch, it remains boosted by motor insurance whose premiums have appreciated by 7.8% to 12.89 billion DH. Insurance related to “Bodily accidents” increased by 7.5% to 4.74 billion DH. Added to this is the compulsory guarantee against the consequences of catastrophic events which generated 523.8 million premiums last year, an increase of 9.9%. Note that this mandatory guarantee against the consequences of catastrophic events has been implemented since 2020.
The upward trend in premiums concerned practically all segments of Non-Life, in particular fire insurance (+17% to 2.24 billion dirhams) and accidents at work and occupational diseases (AT & MP: +4.3 % to 2.30 billion). In addition, the analysis of premiums in 2021 shows that savings in dirhams continues to be the first segment of the market in terms of turnover, ahead of motor vehicles and personal accidents. With regard to investments in the insurance sector, the total outstanding amount reached 185.99 billion dirhams last December, up 1.3% over one month, according to the latest monthly statistics published by the Supervisory Authority. insurance and social welfare (ACAPS).
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