Report: Morocco's insurance premiums make up less than 2% of GDP

Personal insurance premiums in Morocco account for less than 2% of the country’s GDP, according to the 2025 Global Insurance Report.

This figure reflects the currently limited role of the insurance sector in the Moroccan economy, but it also points to untapped opportunities for growth and expansion within the sector.  

The report, published by the American consulting firm McKinsey, noted that Morocco’s insurance industry is still in its developmental stages compared to larger economies like the United States, China, and Germany.

While the country ranks moderately in GDP per capita relative to others in the region, Morocco is categorized as a high-potential market for long-term growth. 

This optimistic outlook is bolstered by ongoing economic reforms and forward-looking policies that aim to stimulate development across various sectors.  

According to the report, Morocco’s long-term growth prospects in insurance make it an attractive destination for international investors. 

The country’s focus on advancing digital economies and improving financial services provides a solid foundation for expanding the insurance market. 

These efforts could enhance access to financial and insurance services for all segments of society, driving broader economic inclusion.  

Despite the potential benefits, a primary obstacle in the personal insurance industry is the limited public awareness about the importance of insurance, particularly within specific demographic groups. 

The sector’s reliance on traditional methods hinders the adoption of digital solutions. However, the rise of fintech offers a chance to digitize services, increase accessibility, and engage consumers more effectively.

Globallym, insurance premiums skyrocketed by 9.5%, reaching $1.1 trillion and outperforming nominal GDP growth. Yet, the sector’s relative contribution to the global economy remains subdued compared to pre-pandemic levels, signaling ongoing challenges.

The report also noted the widening gap between mature and emerging markets. In advanced economies, growth has been largely driven by price increases rather than the development of new coverage areas. 

Affordability issues are becoming a concern in some regions, particularly in the United States, due to rising costs of core assets, repair expenses, and recurring damages in disaster-prone areas.