Wafa Assurance still champion of the sector in the 1st half

For the Exclusive Reinsurance activity, the SCR garnered 2.40 billion DH at the end of June, or 89% market share.

Despite strong competition, Wafa Assurance never leaves the first place in the insurance market in Morocco. Analysis of the performance of insurers in the first half shows that Wafa Assurance retains its leadership on the global market (Life and Non-Life) with a share of 18.1%, ahead of RMA (15.2%) and Mutuelle Taamine Chaabi (12 .4%) which also remain in the top 3. On the other hand, Axa Assurance Maroc climbs one rank to 4th place to the detriment of Sanlam Maroc. The latter continues, however, to position itself as the leader of the Non-Life branch, while in the Life branch, Mutuelle Taamine Chaabi is still in the lead.

29.64 billion dirhams. This is the turnover achieved by the insurance sector at the end of June 2022, up 6.1% over one year. A record half-yearly amount driven by the historic performance of the Top 10 insurers, particularly the 6 largest companies in Morocco. The analysis of the performance of insurers in the first half shows that Wafa Assurance retains its leadership on the global market (Life and Non-Life) with a share of 18.1%, after recording historic half-yearly turnover, in social, of 5.35 billion DH (+1.8%). RMA follows which maintains its second place with a market share (PDM) of 15.2%, thanks to a 9.9% increase in its turnover to 4.51 billion dirhams. The Mutuelle Taamine Chaabi also remains in the top 3. It garnered a record turnover (exclusively realized on the Life branch) of 3.66 billion DH, an increase of 2.1%. Its market share stood at 12.4% as of June 30, 2022. In addition, Axa Assurance Maroc moved up one rank (to the detriment of Sanlam) compared to the 2021 ranking, to occupy 4th place.

The insurer Axa recorded a half-yearly turnover of 3.49 billion DH, up 17.3%. Its PDM is strengthened to 11.8%. Sanlam therefore slipped to 5th position with 3.36 billion dirhams in premiums (+8.3%), representing a market share of 11.4%. They are followed respectively by AtlantaSanad (10.4% of market share) and MCMA (4.8%) which exceeds Marocaine Vie (4.5% of market share), ahead of Allianz (2.6%) and MAMDA (1.7%) which closes the Top 10. On the Life branch, the insurance sector posted a turnover of 13.36 billion (+6.5%). Mutuelle Taamine Chaabi is still in the lead with a Life market share of 27.5%. This is followed by Wafa Assurance (20.8%), RMA (17.9%), Axa Assurance Maroc (10.3%), Marocaine Vie (9.7%), AtlantaSanad (5.2%), Sanlam (3, 9%), MCMA (3.8%) and Allianz Assurance Maroc (1.0%).

As for the Non-Life branch, all the companies achieved a turnover of 16.28 billion dirhams, up 5.9%. Sanlam Maroc still stands out in this branch with a market share of 17.4%, ahead of Wafa Assurance (15.8%), AtlantaSanad (14.7%), Axa Assurance Maroc (13%) and RMA (13%) which is closing the Top 5. Note that for the Exclusive Reinsurance activity, the turnover reached 2.71 billion DH at the end of June 2022, an increase of 18.7% compared to the first half of last year . Société Centrale de Réassurance (SCR) alone earned 2.40 billion dirhams (+20.4%), or 89% market share, ahead of CAT, which earned 307.7 million dirhams (+ 6.4%), the equivalent of 11% of PDM.

.

Leave a Comment