Morocco - Catastrophe cover to be mandatory in all non-life insurance policies
Source: Middle East Insurance Review | Nov 2016
All insurance policies covering property damage, motor third party liability and other liability policies which cover bodily injury caused to third parties will have to include cover for catastrophic risks, according to an amendment to insurance legislation.
The text of the legislative amendment has been published in the Official Gazette but the implementation of the mandatory disaster insurance requirement will be effected pending the issuance of related regulations, according to media reports.
The new legislation will result in an additional premium on all insurance policies underwritten or renewed after the implementation of the law.
To receive benefits from the disaster insurance, a policyholder must have registered his name in a national list of disaster victims within 90 days of a declaration of a disaster.
The new law also provides for establishment of a national committee to oversee the proper application of its requirements and to collect data on disasters.