News Middle East22 Apr 2019

Morocco:Pandemics, cyber, climate change pose new risks

22 Apr 2019

Insurance companies are facing new risks today, including risks of a pandemic that intensify with the acceleration of migratory flows, or climate risks, which multiply with global warming, Mr Mohamed Hassan Bensalah, president of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), has said.

Speaking earlier this month at the Rendez-vous de Casablanca, he said that in the Moroccan market, we worked in good intelligence, with the Ministry of Finance and our regulatory authority, to implement cover against catastrophic events, making full use of local capacities.”

Conference participants also discussed the role that regulation must play in a constantly changing context, insurance in Africa, artificial intelligence and climate change. In a panel on "Regulation vs innovation: the strategy of supervisors?”, Ms Manuela Zweimueller, head of policy department of the European Insurance and Occupational Pensions Authority, pointed out that "regulation is necessary to control risk”.

She added that this risk increases with the adoption of the implementation of a digitisation strategy by all companies. “We must therefore have data protection tools, especially those of consumers. Cyber resilience is, therefore, a key element to integrate into the strategy of insurance companies. "

On the sidelines of the Rendezvous, the FMSAR signed a technical partnership agreement with the Committee. Insurance Companies of Mali (CCAM). This agreement covers cooperation between the two organisations in the fields of automobile insurance, vocational training and data exchange.

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