The insurance sector recorded a growth rate of one percent during 2020, the Insurance and Social Security Supervisory Authority said in a recent report, presented to the Head of Government earlier this week.
Profitability of the sector in 2020 reached a net result of 3.2 billion dirhams, a decrease of 18.7 percent compared to 2019.
The Institution charged with monitoring and regulating the insurance sector said the volume of premiums issued in direct transactions amounted to 45.1 billion dirhams, a slowdown compared to the growth rate achieved in 2019, estimated at 8.6 percent.
Insurance on Life and automobiles took the lead with 71.7 percent of the total issuances issued in 2020, followed by physical accidents and occupational accidents.
The Authority indicated that reserves of the insurance sector rose to 182.5 billion dirhams, an increase of 6.5 percent compared to 2019. The technical reserves of the direct insured represent 94 percent of the total reserves amounting to 171 billion dirhams.
The amount of accident and compensation costs paid by insurance and reinsurance contractors was about 27.9 billion dirhams in 2020, a decrease of 3.2 percent compared to 2019.
With this performance, the Moroccan insurance sector ranked forty-ninth in the world during the year 2020, up by one rank compared to 2019, and also retained the second place in Africa after South Africa, and the third place in the Arab world after the UAE and Saudi Arabia.
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