Whilst Morocco has launched its major tax reform with the 2023 Finance Act, it is now the turn of the insurance sector to undergo significant changes in 2026, with the modernisation of the Insurance Code and mergers between major groups.
Firstly, a regulatory change, due to come into effect by 2028
Since 2002, the Moroccan Insurance Code has remained virtually unchanged. Twenty-four years without incorporating electronic signatures, without recognising online contracts, without even mentioning cyber risk – all whilst the country is facing increasingly severe cyber-attacks. Yet the market has doubled, rising from 25 to over 60 billion dirhams in premiums. It was about time.
ACAPS has just published its ‘Émergence 2026–2028’ programme, and Book IV of the Code — which governs insurance contracts, distribution and intermediation — is currently open for public consultation. Here’s what will really change for us, both expatriates and Moroccans.
100% digital contracts finally recognised
Open Insurance: a history that’s finally portable
Cyber insurance is becoming a sector in its own right
The assignment of the borrower’s insurance is now enforceable
The timetable and reality: 2028 or later?
The merger of two major companies, effective immediately
Like the banking sector, the insurance sector is divided between tradition and modernity, conventional insurance and Islamic insurance, or takaful ( تكافل ). An insurance company cannot operate in both sectors. However, companies practising takaful account for less than 1 per cent of the sector.
Even before technical and legislative changes, the insurance market in Morocco is undergoing restructuring.
But who are these insurers?
A highly concentrated market with major insurers
The top six insurers in the market account for nearly 78 per cent of the total market.
- Wafa Assurance, a subsidiary of Attijariwafa Bank, leads the market by a wide margin with nearly 20 per cent of the market
- RMA, a subsidiary of Bank of Africa and FinanceCom, comes in second place with nearly 15 per cent
- Mutuelle Taamine Chaabi is third but dominates the life insurance sector exclusively (28 per cent of the life insurance market share).
- AtlantaSanad, which is experiencing strong growth thanks to its life insurance business, holds nearly 13 per cent.
- Axa Assurance Maroc remains in fifth place with an 11.2 per cent market share
- Finally, Sanlam is the only company in the top five to have seen a decline (-1.4 per cent), falling to a 9.6 per cent market share – a sign of a difficult repositioning process.
When Sanlam Morocco and Allianz Morocco join forces, the result is a major insurance company with a 14 per cent market share. Effective from 2 July 2026 and with retroactive effect from 1 January 2026, this merger is having a significant impact on the insurance landscape in Morocco.
Sanlam Maroc
Founded in 1949 as CNIA, the company underwent several changes (CNIA Saada, then Saham Assurance in 2014) before adopting the name Sanlam Maroc in 2022, following the acquisition of a majority stake by the South African group Sanlam. Listed on the Casablanca Stock Exchange, it operates primarily in the motor and health sectors, but is also breaking new ground with pet insurance.
Its merger with Sanlam was followed by a period of stagnation. By now merging with Allianz, which posted growth of 12.3 per cent in 2025, it is positioning itself to expand its market share once again, climbing back to fourth place with a 14 per cent market share and becoming the leading insurer in the non-life sector.
Allianz Maroc
Founded in 1954 by Assurances Générales de France, the company became a subsidiary of the German firm Allianz (the world’s third-largest insurer) in 2009 when the latter acquired the AGF network.
The company specialises in business and high-risk insurance, which perfectly complements Sanlam’s network of 750 insurance agents.
What this means for you
In the short term
To be honest, not much. As part of the Sanlam-Allianz merger, policies will remain as they are.
The only risk associated with the merger of the networks is – perhaps – delays in processing certain claims, as is the case with any merger.
The advantage is that you’ll have access to more options and services without having to switch insurers.
In the medium term
A great deal, provided the timetable for reforming the Insurance Code is adhered to. A genuine shift towards digital insurance, the introduction of a framework allowing borrowers to choose insurance other than that offered by their bank when taking out a loan… these are significant changes that will make everyday life easier.
For micro-enterprises and very small businesses, the option to insure against cyber risks is also a major advantage.
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