The Top 4 Moroccan insurers, in terms of turnover, remain unchanged in 2021, even if some are doing better than others, nibbling large market shares compared to 2020. Wafa Assurance has retained its leadership with an 18.2% share. This is followed by RMA (15.4%), Mutuelle Taamine Chaabi (12.7%) and Saham Assurance (11.3%). On the other hand, Axa Assurance Maroc regains fifth place at the expense of AtlantaSanad, which slips one place to sixth in the 2021 ranking.
2021 will have been the year of recovery for the majority of Moroccan insurers. Nevertheless, some companies are doing better than others in terms of written premiums, nibbling away at large shares in a market which has reached a record turnover. Indeed, the latter rebounded by 9.8% to 49.80 billion dirhams (excluding the exclusive reinsurance activity whose turnover reached 3.07 billion), after having slowed down to 0.9% in 2020. Analysis of the ranking of companies in 2021 shows that Wafa Assurance maintained its leadership with a market share (PDM) of 18.2%, after recording a historic (social) turnover of 9.08 billion of DH (+8.5%).
Despite this performance, Wafa Assurance saw its share decline compared to 2020 (18.6%), due to more accelerated growth for its competitors. These include RMA, which ranks second with an improved market share of 20 basis points to 15.4%, after an 11.7% increase in its turnover to 7.68 billion DH. Follows the Mutuelle Taamine Chaabi which remains in the top3. It garnered a record turnover (exclusively realized on the Life branch) of 6.30 billion DH, an increase of 9% over one year. Its market share remains almost stable at 12.7%. Remember that Mutuelle Taamine Chaabi was born in 2015 from a partnership between MCMA and Banque Populaire. In addition, Saham Assurance also remains in 4th place in 2021.
The subsidiary of Sanlam Pan Africa Morocco posted 5.62 billion DH in premiums in 2021, up 9.7%. Its market share also remains unchanged at 11.3%. For its part, Axa Assurance Maroc is back in 5th place, after having generated a turnover of 5.56 billion DH, up 14.3%. Its market share strengthened by 40 basis points to 11.2%. AtlantaSanad thus leaves the Top 5 and slips one rank compared to the 2020 ranking, despite a 9.4% increase in premiums issued to 5.40 billion DH. In the Top 10, there are still Marocaine Vie (4.7% of market share), MCMA (4.1%), Allianz Assurance Maroc (2.9%) and MAMDA (2.4%). In life insurance, Mutuelle Taamine Chaabi is in the lead with a PDM of 27.5%.
This is followed by Wafa Assurance (21.8%), RMA (17.4%), Marocaine Vie (9.8%), Axa Assurance Maroc (8.4%), AtlantaSanad (5.9%), Saham Assurance (4 %), MCMA (3.9%) and Allianz Assurance Maroc (1.3%). In Non-Life insurance, Saham Assurance still stands out with a market share of 17.5%, ahead of Wafa Assurance (15.2%), AtlantaSanad (15.1%), RMA (13.8%) and Axa Assurance Maroc ( 13.6%) which closes the Top5. It should be noted that in 2021, the sector posted premiums of 22.94 billion DH in Life insurance (+ 12.5%) and 26.86 billion in Non-Life Insurance (+ 7.6%).