News Middle East15 Sep 2019

Morocco:Govt imposes 1% tax on non-life premiums for Nat CAT fund

| 15 Sep 2019

The Moroccan government has imposed a new tax to augment funds to help those who do not have insurance against natural disasters.

Morocco has recently experienced a series of floods that killed dozens of people, generating public anger over the government's failure to protect victims, according to local media reports.

The new tax is fixed at 1% of premiums payable on insurance contracts, with life insurance policies exempted.

This is not the first time that the tax has been raised as it had been discussed previously in 2014, following heavy floods. The issue resurfaced after recent torrential floods.

Morocco is among the most vulnerable countries in the Arab region to natural disasters, with an annual loss of $800m, or about 0.8% of GDP.

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