The Insurance and Social Security Supervisory Authority (ACAPS) has undertaken a new major project which is to establish a system for carrying out stress tests for macro-prudential surveillance purposes.
There is a need for the financial sector, including insurers, to redouble efforts to stimulate savings as inflation continues to eat away at purchasing power, Mr Mohamed Hassan Bensalah, president of the Moroccan Insurance Federation (FMA), has said.
More than 8,000 claims have been received by insurance companies related to damages suffered during the 8 September earthquake in the High Atlas Mountains in Morocco, according to Mr Bachir Baddou, vice-president of the Moroccan Insurance Federation (FMA).
The 8 September earthquake in the High Atlas Mountains in Morocco has been officially declared a natural disaster, paving the way for the activation of a special insurance coverage scheme.
The government has proposed in the 2024 Finance Bill (PLF) a gradual reduction in the value added tax (VAT) on the commission income of insurance intermediaries.
One of the risks faced by the insurance industry is the inability to provide insurance services to the entire population, leaving large segments of them outside of insurance coverage, the newly appointed president of the Insurance and Social Security Supervisory Authority (ACAPS), Mr Abderrahim Chaffai, has said.
Mr Abderrahim Chaffai has been appointed the president of the Insurance and Social Security Supervisory Authority (ACAPS) by the king of Morocco.
Morocco is working on establishing an index-based insurance system, to better support farmers during periods of drought.
Premiums generated by insurance and reinsurance companies inMorocco reached nearly MAD31bn ($3bn) in the first half of 2023, according to data released by the Insurance and Social Security Supervisory Authority (ACAPS).
The devastating earthquake that struck Morocco on 8 September 2023 affected an area with low insurance penetration. However, a new commentary from AM Best notes that a parametric insurance arrangement covering part of Morocco's National Catastrophic Event Coverage Scheme is expected to be triggered and could result in a maximum payout of MAD2,750m (approximately $270m).