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Le Matin – A year of ups and downs for the insurance market

The decline in monthly turnover recorded in October is the sixth of the year, after the 4 consecutive decreases between February and May (-8.6%, -13%, -12.1% and -4, 7%) and the fall posted in August (-17%).

After an increase of 38% in September, the monthly turnover achieved by insurance and reinsurance companies (excluding exclusive reinsurers) fell by 5.9% in October, on an annual basis. This decline is mainly attributable to a 23.7% contraction in premiums for the Life & Capitalization branch following a 31.7% drop in savings.

The insurance market remains unstable, fluctuating this year between increases and decreases. October is no exception. After an increase of 38% in September, the monthly turnover achieved by insurance and reinsurance companies (excluding exclusive reinsurers) fell by 5.9% in October, on an annual basis. This is the sixth decline of the year. Remember that after an increase of 17.4% in January, the monthly turnover of the sector recorded 4 consecutive decreases between February and May (-8.6%, -13%, -12.1% and -4.7%). The trend was reversed in June (+ 41.5%) before the market settled down in July (+ 7.4%) to fall in August (-17%), then rebound in September.
For the month of October, the decrease of 5.9% of written premiums to 3.90 billion DH is mainly attributable to a contraction of 23.7% of the Life & Capitalization branch to 1.45 billion DH. This branch was especially impacted by a fall of 31.7% of savings whose premiums reached only 1.01 billion DH last October, against nearly 1.5 billion a year earlier. This significant drop was slightly mitigated by a 1.6% increase in premiums in life insurance (to 286.6 million) and by 10.9% in variable capital contracts (to 154.1 million).
For the Non-Life activity, the premiums recorded by all (re) insurers, with the exception of exclusive reinsurers, appreciated by 9.4% in October for a monthly turnover of 2.44 billion DH. An evolution driven by personal injury insurance, which posted a turnover of 496.1 million DH, up 13.6%. In addition, there was a gain of 4.2% in automobile insurance to 1.14 billion.
The month of October was especially marked by the surge in premiums issued for fire insurance (+ 57.6% to MAD 148.4 million) and technical risks (72.5% to 23.6 million) .
In addition, the total outstanding investments in the insurance sector amounted to 172.07 billion DH in October, stable over one month. This stagnation is explained by a decrease recorded for fixed income assets (MAD 89.52 billion, -0.2%) and equities (72.20 billion, -0.4%) offset in particular by an increase in level of real estate investments (6.19 billion DH, + 3.2%), according to monthly statistics published by the Insurance and Social Security Control Authority (ACAPS).

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