Morocco’s insurance and reinsurance industry recorded strong growth in 2025, with total premiums written surpassing 64.3 billion dirhams (US$6.2 billion), a 7.9 percent increase from the previous year, according to figures released by the Insurance and Social Welfare Supervisory Authority (ACAPS). The performance reflects broad-based expansion across both life and non-life segments, underpinned by evolving consumer behaviour, increasing formal economic activity, and a regulatory framework promoting wider participation in risk coverage products.
Life insurance premiums grew 8.6 percent to reach 29.5 billion dirhams, while non-life premiums increased 7.3 percent to 34.8 billion dirhams. In the life insurance segment, unit-linked savings products delivered the most striking performance, surging 43.8 percent to exceed 2.23 billion dirhams. This rapid growth highlights a growing appetite among investors for market-linked financial instruments, which offer potential for higher returns compared to traditional policies. Meanwhile, more conventional products such as dirham-denominated savings and death benefit coverage recorded steady gains of 6.4 percent, reaching 23.57 billion dirhams and 3.66 billion dirhams respectively.
The non-life segment demonstrated robust expansion across multiple lines. Technical risks experienced the sharpest growth, climbing 74.9 percent, while acceptances increased 25.7 percent and credit and surety coverage rose 11.9 percent. Analysts attribute this growth to heightened infrastructure investment and a maturing commercial insurance market that increasingly recognizes the value of comprehensive risk management. The performance of non-life lines also suggests that both public and private sector projects are driving demand for sophisticated insurance solutions, particularly in sectors requiring technical, credit, and liability coverage.
The momentum of Morocco’s insurance market carried through to the final quarter of 2025, with premiums growing 9.1 percent to 16.06 billion dirhams. Of this, 8.47 billion dirhams came from life insurance and 7.59 billion from non-life insurance. The fourth-quarter growth underscores the sector’s resilience and its ability to capitalize on year-end economic activity, including corporate renewals, investment-linked policies, and commercial insurance contracts.
Experts say the Moroccan insurance sector is benefiting from structural shifts in consumer behaviour and broader economic trends. As the country’s middle class grows, demand for insurance products as both financial protection and investment vehicles has risen. Unit-linked products, which combine life coverage with investment in equities or other market-linked assets, are gaining popularity, reflecting increased financial literacy and a willingness among policyholders to take calculated investment risks.
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Regulatory reforms have also played a key role in sustaining growth. ACAPS has implemented policies aimed at improving transparency, strengthening solvency frameworks, and encouraging product diversification. These measures have helped build trust among consumers and investors while incentivizing insurance companies to expand their offerings and improve distribution channels.
Meanwhile, growth in commercial insurance lines highlights Morocco’s ongoing infrastructure and industrial development. Technical risk insurance, which covers engineering and construction projects, has surged in tandem with increased government and private sector investment in transportation, energy, and real estate projects. Similarly, gains in credit and surety coverage signal that Moroccan businesses are increasingly leveraging insurance as a risk mitigation tool in commercial contracts.
Overall, the 2025 results paint a picture of a sector gaining depth and diversification. Life insurance growth demonstrates the potential for financial innovation, while non-life expansion reflects economic activity and industrial development. Analysts expect that Morocco’s insurance market will continue to expand in 2026 and beyond, driven by regulatory support, a growing middle class, and increasing demand for both personal and commercial coverage.
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With premiums surpassing MAD 64 billion, Morocco’s insurance sector is positioning itself as one of North Africa’s most dynamic, showing resilience in challenging economic conditions and offering opportunities for both domestic and international investors. The sector’s trajectory suggests that continued innovation, expansion of coverage, and adoption of market-linked products will be critical to sustaining growth and deepening market penetration in the coming years.
