Casablanca – Morocco’s insurance and reinsurance sector continued its upward trajectory during the first quarter of 2025, supported by expanding life insurance activity, the solid performance of non-life branches, and the dynamism of technical insurance linked to major national projects. Recent sector data point to a broad-based improvement in activity levels, reinforcing the recovery that began in 2024 after a challenging period the previous year.

According to the latest report issued by the national supervisory authority, overall insurance turnover reached $3.89 billion during the first quarter of 2025, representing a year-on-year increase of 7.7 percent. This performance highlights the resilience of the Moroccan insurance market and its capacity to sustain growth despite fluctuating macroeconomic conditions.

Life insurance demand strengthens as savings products expand

Life insurance activities maintained robust momentum, reflecting renewed confidence among policyholders and improved conditions in financial markets. Total life insurance flows amounted to $1.54 billion during the first three months of the year, marking a significant advance compared to the same period in 2024.

The segment of dirham-denominated savings products, which accounts for more than four-fifths of total life insurance activity, recorded a 5.6 percent increase. These products generated around $1.27 billion, confirming their position as a preferred long-term investment instrument for Moroccan households seeking stability and predictable returns.

In contrast, unit-linked products registered a particularly notable surge, growing by 79.4 percent to reach the equivalent of $100.5 million. This acceleration was supported by stronger equity market performance and renewed investment appetite following the rebound of the Casablanca Stock Exchange in late 2024 and early 2025. The recovery of financial markets has encouraged more policyholders to diversify their savings strategies, contributing to the segment’s impressive expansion.

Death-related insurance recorded an increase of 4.4 percent, with turnover reaching approximately $195.9 million, driven mainly by credit-linked insurance contracts, which represent more than half of this branch’s activity.

Non-life insurance expands across major segments

Non-life insurance continued to form a major pillar of the sector’s growth, with total premiums rising to $2.02 billion, an increase of 6.8 percent. This rate exceeds the average expansion recorded over the past decade, reflecting the growing need for coverage in key economic sectors.

Motor insurance remained the largest component of non-life activities, generating $948.5 million in premiums, up 6.6 percent from the previous year. This rise corresponds with the ongoing expansion of Morocco’s vehicle fleet, stronger demand for extended coverage options, and gradual improvements in compliance.

Personal injury insurance also contributed significantly, with premiums totaling $319.6 million, up 5.4 percent. Higher levels of household consumption and increased awareness of individual protection measures have supported steady demand within this branch.

Technical insurance branches, which include construction-related and civil liability coverage, posted some of the most dynamic growth. Emissions from technical risk coverage surged by 66.6 percent to reach the equivalent of $34.6 million. This spike is closely tied to infrastructure investments currently underway across the country, including transport upgrades, industrial platforms, and development projects linked to Morocco’s preparations for major international sporting events scheduled for the coming years.

Other non-life segments—which collectively represent around 35 percent of the sector—reported a combined turnover of $711 million, rising by 5.7 percent compared to the first quarter of 2024.

Reinsurance sector remains concentrated but growing steadily

Reinsurance activities continued to strengthen, with overall turnover rising to $329.9 million, an increase of 10.8 percent. Growth remains largely concentrated within the national reinsurance company, which retains approximately 83 percent of local market share. Non-life reinsurance accounts for the vast majority of this activity, with a dominance rate of around 94 percent.

The expansion of reinsurance activity reflects Morocco’s growing investment in large-scale projects and the rising sophistication of risk management strategies adopted across economic sectors. This evolution is expected to enhance market resilience and reinforce the country’s role as a regional insurance hub.

Outlook remains favorable as the sector consolidates its recovery

The combined results of the first quarter point to a healthy and expanding insurance market supported by structural demand, improved financial conditions, and increasing economic diversification. With sustained growth in both life and non-life branches, and a reinsurance sector benefiting from large infrastructure commitments, Morocco’s insurance industry is positioned to maintain stability and profitability throughout 2025.