The legislative framework for marine insurance in Morocco needs to be modernised, an insurance regulatory official has said.
At present, Moroccan insurance companies still use the French Marine Insurance Policy (Cargo), which dates to 1941 and has since been subject to several modifications by French companies over time. The last update was in 2009. With regard to the Moroccan legal framework governing maritime insurance contracts, the text dates from 1919.
Mr Hamza El Hamiani Khatat, head of insurance loss services at the regulator, Insurance and Social Insurance Supervisory Authority (ACAPS), said, "The legal framework governing marine insurance contracts needs to be recast."
He was speaking at a seminar on risks in international freight, held last week by the Moroccan Association of Exporters (ASMEX) and Banque Centrale Populaire, according to a report by EcoActu.
He said that pending the necessary amendments, an arrangement should be put in place to allow Moroccan insurers to use the updated version of foreign marine insurance texts.
He supported his remarks with the Tunisian example where companies are authorised by regulation to use foreign text or insurance policies subject to certain restrictions set out in their national maritime trade code.
He said that ACAPS stands ready to make its contribution in concert with the insurance and international freight sectors, to develop standards and models, able to meet the needs of exporters.
The transport sector contributes 6% of GDP and 9% of the added value of the tertiary sector. In 2018, transport insurance contributed 1.5% of the total turnover of the Moroccan insurance sector, that is, MAD600m ($63m).