Moroccan Insurance Sector Reports Strong Q1 2025 Performance
The Moroccan insurance sector has kicked off 2025 with a solid performance, demonstrating its resilience and adaptability in a changing economic landscape. According to the Insurance and Social Security Supervisory Authority (ACAPS), both life and non-life segments recorded strong gains during the first quarter, reinforcing confidence in the industry’s sustained growth.
This report summarizes the latest quarterly data, focusing on revenue, investment trends, and performance across insurance categories.
Moroccan Insurance Market Revenue Surpasses MAD 18.2 Billion
As of March 31, 2025, the Moroccan insurance market recorded total premium revenue of MAD 18.2 billion (USD 1.9 billion). This marks a 5.5% increase year-on-year, reflecting both market maturity and increasing public confidence in insurance as a financial safety net.
This growth trajectory aligns with Morocco’s overall economic upswing, rising middle-class engagement, and growing awareness of risk mitigation through insurance solutions.
Moroccan Insurance Sector Shows Steady Growth in Non-Life Segment
Non-life insurance continues to dominate the Moroccan insurance landscape in terms of market share. During Q1 2025, this segment generated MAD 12.2 billion (USD 1.3 billion) in premium income—a 3.9% increase over the same period in 2024.
The non-life portfolio includes motor, health, property, and liability insurance. Motor and health insurance remain top contributors, driven by regulatory requirements for auto coverage and increasing demand for private medical insurance. While growth is moderate, it reflects the sector’s maturity and its responsiveness to evolving customer needs.
Moroccan Insurance Life Segment Outperforms Expectations
The life insurance segment in Morocco recorded a significant uptick, with premiums reaching MAD 6 billion (USD 600 million)—an 8.7% growth compared to Q1 2024.
This segment’s growth is fueled by rising demand for savings and investment-linked products, expanding financial literacy, and favorable tax treatment of life insurance policies. Urban middle-class consumers, in particular, are showing greater interest in long-term financial planning, making this a pivotal growth area for insurers.
Insurers are also leveraging digital tools and advisory services to deepen customer relationships and tailor offerings to specific life-stage needs.
Moroccan Insurance Investments Climb to MAD 222.8 Billion
Investment activities continue to serve as a cornerstone of Moroccan insurance sector stability. By the end of March 2025, insurers had collectively invested MAD 222.8 billion (USD 23.1 billion), up 1.3% from Q1 2024.
Moroccan insurers maintain a conservative investment approach, focusing on government bonds, real estate, and equities. This strategy provides consistent returns while maintaining regulatory solvency margins. The continued growth of investment portfolios underscores the role of the insurance sector as a key institutional investor in Morocco’s economy.
Regulatory Oversight Strengthens Moroccan Insurance Market
The sustained growth of the Moroccan insurance industry is underpinned by strong regulatory support from ACAPS. The authority remains instrumental in promoting transparency, governance, and innovation across the sector.
Through its comprehensive oversight, ACAPS ensures the protection of policyholders and fosters a fair, competitive insurance market. These efforts have contributed to greater investor confidence and market discipline, strengthening the industry’s long-term sustainability.
Moroccan Insurance Outlook: Innovation and Inclusion Drive the Future
Looking ahead, the Moroccan insurance sector is well-positioned for continued expansion. With a strong Q1 showing, the rest of 2025 holds promising prospects driven by:
Digital transformation in distribution and claims management
Product innovation including microinsurance and Takaful (Islamic insurance)
Rising middle-class demand and financial inclusion initiatives
Regulatory reforms supporting social protection and rural coverage
Thanks to its strategic North African location and modern financial infrastructure, Morocco is poised to extend insurance access to underinsured demographics, including small businesses and rural populations.
Conclusion: Moroccan Insurance Sector Poised for Sustained Growth
The first-quarter performance of 2025 showcases the Moroccan insurance industry’s resilience, operational strength, and growth potential. With increasing revenues, stable investment growth, and regulatory backing, the sector remains a robust pillar of Morocco’s financial services ecosystem.
As Moroccan insurers continue investing in modernization and product diversification, the market is set to become even more inclusive, customer-centric, and innovation-driven in the months ahead.
