Morocco: Disaster insurance scheduled to be introduced next year

Source: Middle East Insurance Review | Nov 2019

Compulsory insurance against disasters, including Nat CATs and terrorism, will be introduced in Morocco in early 2020, according to Mr Nouaman Al Aissami, treasury and external finance administration deputy director at the Moroccan Ministry of Economy and Finance.

He said all related legal provisions are ready, in addition to the formation of a solidarity fund against disasters, reported Asharq Al Awsat.

Mr Hassan Boubrik, chairman of the Supervisory Authority of Insurance and Social Welfare (ACAPS) said the disaster insurance will be compulsory and cover all Moroccan residents. On how the insurance would work, he said it would be included as a special article in all insurance contracts, except for life insurance.

For those who do not have insurance policies, Mr Boubrik explained that they will benefit from the newly created Disaster Solidarity Fund, adding that the fund will be operational starting early 2020. A new tax of 1% on premiums and contributions paid under insurance policies, with the exception of life insurance, will be levied to finance the fund. M

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