The lack of insurance is one of the constraints that can hinder the development of the Moroccan aquaculture sector, which is exposed to risks related to climatic hazards, according to a joint study by government agencies.
Titled “Moroccan Marine Aquaculture: Potential and Need for Development”, the report was published by the Directorate of Studies and Financial Forecasts (DEPF) and the National Aquaculture Development Agency (ANDA).
Multi-risk aquaculture insurance aims to cover livestock mortality following pathological events, weather and other damage to facilities and equipment, according to DEPF and ANDA.
National aquaculture requires special support in terms of coverage against risks, as insurance in Morocco is up to 30% more expensive than abroad, said the authors of the study.
MAMDA, a mutual insurance company focusing exclusively on agriculture, recently proposed an insurance product dedicated to aquaculture. This insurance “covers aquaculture livestock through an exclusive product intended for fish farmers in the freshwater and marine basins or the owners of aquaculture farms”.
Meanwhile, the National Confederation of Artisanal Fisheries in Morocco (CNPAM) has subscribed for coverage for owners and fishermen, including workplace accident insurance which becomes compulsory this year. The cover was bought through insurance broker AFMA.
The first step in the process had been to meet shipowners and fishermen and visit strategic structures in various ports, sites and villages throughout the Kingdom to identify insurance needs and discuss economically viable and socially acceptable insurance solutions.
It then became necessary to put in place, in collaboration with the stakeholders, an insurance programme that will help to guarantee the security of this population and their livelihoods, according to AFMA.
The study led AFMA to draw up specifications that offer protection for occupational accident cover, death, medical assistance and job-related illnesses.
Added to this are other covers: boats, materials and professional equipment, goods being transported inside the country or for export, business premises, property and vehicles, etc.
After validation of these specifications by the members of the CNPAM, AFMA launched a consultation with insurers. The four insurers finally selected by the CNPAM are: Atlanta, MCMA, Sanad and Axa Assistance. Agreements were signed in late December by the CNPAM, AFMA and the four insurers, for an immediate effective start to the coverage. M