Insurance/Reinsurance: more than MAD 15 billion in premiums issued at the end of March

The insurance sector posted good performances at the end of the first quarter of this year. The statistics published by the Supervisory Authority for Insurance and Social Welfare (ACAPS) prove it. 15.3 billion dirhams of premiums issued were thus recorded at the end of March 2022, ensuring a 4% increase. Details.

After an overall increase of 10% at the end of 2021, the positive trend of the insurance and reinsurance market continues in the first quarter of this year. Indeed, according to the latest quarterly statistics published by the Insurance and Social Welfare Supervisory Authority (ACAPS), the premiums issued by insurance and reinsurance companies amounted to more than 15.3 billion dirhams at the end of March 2022, up 4% compared to the same period of the previous year.

The “Non-life” branch performs…
In the details of the activities, for the first quarter of the current year, the “Non-Life” branch ensured an increase of 5.5% reaching more than 10.23 billion dirhams. ACAPS explains that this upward trend is driven, among other things, by the evolution of the “Catastrophic events” segments with an increase of 7% reaching 202.4 MDH, and also by the “Personal accidents” segment, which posted an increase of 2% thus reaching 1.31 billion dirhams at the end of the first quarter of this year.

For its part, the “Automobile” segment is in good shape compared to the same period of the previous year, with an increase of 5.5% to 4.65 billion dirhams. The “Fires” segment also reflects a positive evolution of 6.4% to 1.1 billion dirhams. Still in the “Non-Life” branch, the “Technical risks”, “Transport” and “Assistance-credit-surety” segments recorded increases of 55.3%, 10.6% and 6.4% respectively.

… the “Life” branch, not that much
For its part, the “Life” branch recorded a timid increase of 1% and reached more than 5.06 billion dirhams at the end of the first three months of the year. According to the details of the statistics delivered by ACAPS for this category, this growth is due to the weight of the “Savings- Support Units of account” segment which ensured a 50% increase to 488.8 MDH.

However, the “Savings- Supports Dirhams” segment posted a drop of 2.1% to 3.68 billion dirhams. The regression is also noted in the “Death” segment at 3.6%, thus showing at 892 MDH at the end of the first quarter of 2022. With regard to investments by insurance and reinsurance companies, they increased by 1.3% at the end of March, with a total of 188.4 billion dirhams.

The year 2021, under the sign performance
It should be recalled that the insurance sector has been among the most resilient sectors to the effects of the health crisis. It should be recalled in this sense that the 2021 financial year for the sector ended with a 10% increase, compared to 2020, in premiums issued by insurance and reinsurance operators, with an overall amount of nearly 50.3 MMDH at the end of December 2021.

Over one year, the “Life” branch had increased by 11.7% to 22.8 billion dirhams and the “Non-life” branch had increased by 8.6% to 27.5 billion dirhams. At the level of the “Life” branch, the “Savings-dirhams”, “Death” and “Savings-unit-linked support” segments marked increases of 11.3%, 10% and 19.8% respectively. For the “Non-life” branch, the Authority had reported an increase in premiums for “Technical risks” of 44.6% to 251.1 million dirhams.

In addition, the premiums of the “Automobile” had settled at more than 12.89 billion dirhams at the end of December, up by 7.8%, and those issued within the framework of the “Bodily accidents” insurance figured at 4.74 billion dirhams with a 7.5% increase.

Sector projects
As part of its missions to ensure the stability and sustainability of the insurance, reinsurance and social welfare sectors, which it regulates, the Supervisory Authority intends to initiate with the sector a reflection on a profound reform of the Insurance Code.

According to the declarations of Othman Khalil El Alamy, acting president of ACAPS, among the objectives of this reform is the establishment of a legal and regulatory framework for the coming years, anticipating future developments throughout the value chain. from underwriting to claims management, encouraging innovation and making it possible to take full advantage of the momentum brought about by the digital revolution.

Sanae Raqui / ECO Inspirations

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