Morocco's insurance premium rose by 6.3 per cent in 2014
Morocco now has 17 insurance companies.The amount of insurance premiums in Morocco increased by 6.3 per cent in 2014 compared to the previous year, according to new figures from the Insurance and Social Welfare Department (DAPS).
The amount of written premiums net of cancellations rose from 26.7 billion dirhams (6.7 billion euros) to 28.4 billion dirhams between 2013 and 2014.
The figures show that the "life and capitalisation" sector has experienced significant growth, reaching 9.3 per cent in 2014, with nearly two-thirds (69.4 per cent) consisting of insurances dedicated to protect savings.
Death insurance achieved a growth of 5.1 per cent and non-life business grew by 4.9 percent.
Morocco currently has 17 insurance companies. The market has seen a big change in recent years with the introduction of health insurance and the adoption of a legal framework for Islamic insurance, known as Takaful.