The Insurance and Social Insurance Supervisory Authority (ACAPS) has published an information guide on its catastrophic events (EV CAT) insurance scheme which entered into force on 1 January 2020.
Despite the COVID-19 pandemic, the insurance sector in Morocco continues, on the whole, to demonstrate strength and growth both in the life and in non-life markets, according to a statement issued by the Committee for Coordination and Surveillance of Systemic Risks (CCSRS).
Morocco's leading reinsurer Societe Centrale de Reassurance (SCR) has continued to generate strong operating earnings in recent years, reporting solid technical profitability and good investment returns, despite challenging market conditions, says AM Best.
Morocco's national flag carrier Royal Air Maroc will be offering free COVID-19 insurance policies for passengers who have purchased standard tickets for international flights between 1 December and 31 May 2021, reported Morocco World News.
Morocco's Ministry of Health has announced that it intends to set up a central commission to monitor practices related to billing for COVID-19 patients in private clinics following complaints of overcharging, reported Morocco World News.
The Council of Government has approved the implementing texts to the Insurance Code relating to decennial liability insurance and construction all risk insurance.
Two issues - financial inclusion and innovation - will be highlighted when the Insurance and Social Welfare Supervisory Authority (ACAPS) looks at implementing a digital insurance distribution strategy.
The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) and other stakeholders in the industry including agents, brokers, insurance regulator and the government, are looking into the implementation of a digitalisation strategy.
The Risk-Based Solvency (SBR) project of the Insurance and Social Insurance Supervisory Authority (ACAPS) is on track, according to the agency's president, Mr Hassan Boubrik.
The premium income of insurance companies in the first half of 2020 increased by 4.6% to MAD27.3bn ($2.9bn), compared to the corresponding period last year, according to a report published in mid-October by the Insurance and Social Security Supervisory Authority (ACAPS).