Morocco: Cabinet approves compensation scheme for catastrophic events
Source: Middle East Insurance Review | May 2019
The Moroccan Cabinet has approved a draft decree on a scheme to cover the consequences of catastrophic events.
The Minister of Economy and Finance said in a statement that the government would set up a dual compensation scheme: an insurance scheme for victims with insurance cover and a solidarity scheme for the uninsured.
The draft suggested a schedule to calculate compensation in respect of insurance and reinsurance contracts against the consequences of catastrophic events as well as the use of solidarity funds.
In addition, the draft stipulated several provisions under the scheme, including a list of events that may constitute natural disasters; conditions under which a state of disaster would be declared by the government; a dispute resolution commission; terms and conditions for the award of compensation to victims or claimants in respect of bodily injury; and the minimum and maximum monthly rental values for compensation for the loss of use of the main dwelling. M