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Expected record annual revenue for 2022

The insurance market continues to grow.

At the end of September, total premiums recorded by insurance and reinsurance companies (excluding exclusive reinsurance companies) increased by 7.7% over a year to 42.35 billion. DH. The insurance market is thus heading for a new annual record after 2021. In the first nine months of 2022, it is driven by life insurance, whose premiums have increased by 9.5%, against an increase of 6.1% for Non-life Insurance. business.

The insurance market is heading towards a record annual turnover. At the end of September, the total premiums recorded by insurance companiesinsurance and off reinsurance (excluding exclusive reinsurance companies) rose 7.7% year-on-year to 42.35 billion dirhams. Recall that in 2021 the sector achieved premiums of 49.6 billion dirhams in direct business and 52.4 billion taking into account acceptances in reinsurance, which remains dominated by exclusive reinsurers. In the first nine months of 2022, market momentum is driven bylife insurancewhose premiums increased by 9.5% to DKK 19.78 billion. dirhams, against an increase of 6.1% to 22.56 billion. for the claims business.

The global insurance market is boosted by savings in dirhams and cars.

For the life industry, traditional savings products (support in dirhams) drained 16.29 billion dirhams at the end of September, an increase of 14.3%. Unit-linked savings, meanwhile, fell 25.8% to 1.06 billion, in contrast to the sustained momentum recorded in 2021 (+20%). Remember that contracts invested in units of account are riskier than traditional contracts in dirhams, but potentially more profitable. In addition, death insurance premiums increased by 2.1% at the end of September 2022 to 2.43 billion DH.

As far as the damage branch is concerned, car insurance continues to generate the most premiums with 10.67 billion dirhams drained during the first nine months of 2022, an increase of 5.2%. Next comes personal accident insurance with 3.84 billion dirhams, an increase of 10.3%.

In particular, the rising premium trend concerned almost all segments within non-life insurance Work accident and Occupational diseases (AT & MP: +4.6% to 2.02 billion), Assistance – Credit – Guarantee segment (+10.3% to 1.37 billion), transport (+15% to 652.3 million) ) and the mandatory guarantee against the consequences of catastrophic events, which is in its second year of implementation (+5.1% to 445.7 million). On the other hand, fire insurance showed a slight decrease (-0.3% to 1.80 billion). Moreover, the analysis of premiums at the end of September shows that savings in dirhams remains the leading segment of the market in terms of turnover, ahead of cars and personal accidents.

regarding insurance sector investmentsthe total outstanding amounted to MAD 194.42) at the end of September, an increase of 2.5% quarter-on-quarter according to the latest monthly statistics published by the Insurance and Social Welfare Supervisory Authority (ACAPS).

>> Also read: 2021, a record year for insurance in Morocco

>> Also read: Microinsurance: A dedicated legal framework under preparation

>> Also read: Wafa Assurance is still the champion of the sector in the first half of 2022

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