Morocco’s insurance industry recorded robust growth in the first quarter of 2026, driven by a sharp expansion in life insurance products and rising demand for investment-linked savings contracts, according to data from the Insurance and Social Welfare Supervisory Authority.
Total insurance premiums reached 21.3 billion dirhams (US$2.1 billion), marking a 17.2 percent increase compared with the same period in 2025, the regulator, ACAPS, said in its quarterly report.
The performance reflects sustained momentum in Morocco’s financial services sector, with life insurance emerging as the primary growth engine.
Life insurance premiums surged 37 percent to 8.2 billion dirhams, supported by strong demand for investment-linked savings products and traditional protection policies.
Within the segment, unit-linked contracts recorded exceptional growth of nearly 386 percent, reaching around 1.9 billion dirhams, as policyholders increasingly shifted toward diversified investment products linked to financial market performance.
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Dirham-denominated life insurance products also grew 13.4 percent to 5.2 billion dirhams, while individual death cover contracts rose 6.8 percent to just over 1 billion dirhams.
Non-life insurance posted more moderate but steady growth of 7.5 percent, generating 13.1 billion dirhams in premiums.
Motor insurance remained the largest component of the non-life segment at 5.8 billion dirhams, up 10 percent, reflecting continued expansion in vehicle ownership and mandatory third-party liability coverage, which contributed 4.6 billion dirhams.
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Other non-life branches showed mixed performance. Technical risk insurance rose sharply by 41.9 percent, while credit-guarantee products increased 26.7 percent and general civil liability insurance expanded 11.
However, transport insurance contracted by 3.7 percent, indicating weaker activity in some trade-related sectors.
Claims and benefit payments also rose during the period, reaching 10.5 billion dirhams, an increase of 4.6 percent year-on-year.
Life insurance claims grew by 17.4 percent, reflecting both portfolio expansion and maturing policies, while non-life claims declined slightly by 4.4 percent, suggesting improved underwriting outcomes in some lines of business.
The sector’s investment portfolio continued to expand, with total assets held by insurers reaching 239.4 billion dirhams, up 2.9 percent from the previous year.
Fixed-income securities and equities accounted for around 90 percent of total investments, underscoring the sector’s strong exposure to financial markets and sovereign debt instruments.
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Deposits in non-available accounts surged by 54 percent, mirroring the rapid expansion in unit-linked contracts and reinforcing the growing link between insurance products and capital markets.
Analysts say the figures highlight the increasing role of Morocco’s insurance sector as a key institutional investor and a stabilising force within the broader financial system.
The strong performance in early 2026 suggests continued confidence among households and businesses in long-term savings products, even amid global economic uncertainty.
With life insurance driving most of the expansion, the sector appears to be shifting gradually toward investment-oriented products, reflecting broader trends in financialisation and household wealth management across North Africa.
