Despite the difficult circumstances marked by the Covid-19 pandemic and its repercussions on the national economy, the insurance sector recorded a growth rate of 1% during the year 2020.
In its annual report for the year 2020, the Insurance and Social Welfare Supervisory Authority (ACAPS), the volume of premiums issued in direct business amounted to 45.1 billion dirhams, marking a slowdown compared to the growth rate achieved in 2019, estimated at around 8.6%.
Presented to Head of Government Aziz Akhannouch on Wednesday by the ACAPS interim president, the report indicates that the structure of turnover figures (CA) still indicates the predominance of categories ” Life and capitalization ” and ” Motor Land Vehicles », which represent 71.7% of total emissions, in addition to the categories “ bodily injury ” and ” work accident “, with a rate that reaches 86.4%.
With this performance, the insurance sector in Morocco ranks 49th globally for the year 2020, up one rank compared to 2019, while maintaining second place in Africa after Africa. of the South, and the third in the Arab world after the United Arab Emirates and Saudi Arabia.
Thus, and again according to the ACAPS report, the amount of accident and compensation costs paid by insurance and reinsurance companies was approximately 27.9 billion dirhams in 2020, a decrease of 3.2% compared to 2019. This drop was greater for insurance other than life insurance (-5.4%), raises the report.
According to official data, the Moroccan insurance market recorded a penetration rate of 4.1% in 2020, which places it first in the Arab world and second in Africa after North Africa. South.
In terms of technical provisions in the insurance sector, they amount to 182.5 billion dirhams, ACAPS said in its report, an increase of 6.5% compared to 2019, while the technical provisions of policyholders Direct payments represent 94% of total provisions, thus amounting to 171 billion dirhams.
Regarding profitability, the insurance sector achieved a net profit of 3.2 billion dirhams in 2020, down 18.7% compared to 2019.