Sharp rise in takaful insurance and reinsurance premiums in Morocco

The Supervisory Authority of Insurance and Social Welfare (ACAPS) has released data on the performance of Morocco’s Takaful insurance sector for the 2024 financial year.

The Takaful market recorded a turnover of 94.9 million MAD (9.2 million USD), reflecting a robust year-on-year growth of 44.1%. The segment is largely driven by Family Takaful (covering life insurance and investment), which represents nearly 90% of the total portfolio.

Non-life Takaful accounted for the remaining 10% of the market, with a turnover of 10 million MAD (969 000 USD) in 2024.

ReTakaful (Takaful reinsurance acceptances) also saw remarkable expansion, reaching 18 million MAD (1.7 million USD), up from the 5 million MAD (497 000 USD) posted in 2023, marking a surge of 260%.

According to ACAPS, the Moroccan insurance market's overall turnover, across all activities, stood at 63.1 billion MAD (6.1 billion USD), up 5.4% over twelve months.