Morocco’s insurance industry continues demonstrating robust fundamentals, with premiums reaching 53.6 billion dirhams by October 2025, representing an 8.1% year-on-year increase, according to the Committee for Coordination and Supervision of Systemic Risks.
The committee, which convened Tuesday at Bank Al-Maghrib headquarters in Rabat for its twenty-second session, reported growth across both major segments. Non-life insurance increased 7.9% while life insurance advanced 8.3%, indicating balanced sector expansion.
Financial performance proved particularly strong. The insurance sector’s investment portfolio appreciated 5% to reach 257.9 billion dirhams, while unrealized capital gains surged 71.6% compared to end-2024, totaling 63.6 billion dirhams. This exceptional growth benefited from favorable stock market dynamics and declining interest rates.
Net income improved 13.4% year-on-year, driven primarily by strong financial activity performance. Solvency metrics remained well above regulatory minimums under current prudential standards, confirming the sector’s financial stability.
The Casablanca Stock Exchange maintained its upward momentum, with the MASI index posting 28.2% annual growth by December 2025. Market capitalization increased 38% to reach 1,039.7 billion dirhams, though volatility moderated slightly during the second half while liquidity ratios continued their upward trend.
Morocco’s bond market maintained its downward rate trajectory throughout 2025. Treasury bill emissions totaled 154.6 billion dirhams through November, while private debt market issues reached 100.3 billion dirhams, bringing total outstanding debt to 296.7 billion dirhams.
The committee’s assessment reflects confidence in Morocco’s financial sector resilience, with insurance companies demonstrating capacity to generate returns while maintaining prudential standards. The sector’s performance suggests sustained growth potential, supported by expanding coverage rates and improving investment returns amid favorable market conditions. Industry fundamentals indicate continued stability as Morocco’s insurance market matures alongside broader economic development.
