Morocco to share auto expertise with Tunisia
Source: Middle East Insurance Review | May 2015
The Moroccan Federation of Insurance and Reinsurance (FMSAR) has agreed to provide technical support to the Tunisian insurance market to establish a motor insurance bureau.
The deal was struck with the Tunisian General Insurance Committee (CGA) and the Tunisian Federation of Insurance Companies (FTUSA), reported the information website, Infomediary Morocco.
Under the agreement, FMSAR will share the experience acquired in its bonus-malus (good-bad) motor insurance system. Established in 2006, the system rewards good drivers and penalises those who cause traffic accidents.
Premiums charged are determined by attaching a bonus-malus co-efficient to the basic premium, also called the reference premium. The co-efficient depends on the history of the driver and auto claims he is responsible for.
The basic premium is derived based on several parameters, including the horsepower of the vehicle, type of usage (commercial or personal); geographical area in which the vehicle is used, garage mode, and the age and gender of the driver.
FMSAR’s central database, which includes all motor insurance policies, contains information about the insured and their vehicles, and the bonus-malus co-efficient.