The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), has given assurances to policyholders and intermediaries as the Moroccan government announced a state of emergency which took effect on 20 March in a bid to curb the spread of COVID-19.
The FMSAR said that its members will continue to provide, through the distribution network, the services necessary to maintain services during the current pandemic.
In a statement on 20 March, the FMSAR said that following a meeting held with the president of the Insurance and Social Insurance Supervisory Authority (ACAPS), several measures have been decided on to ease the daily life of policyholders and beneficiaries and the operations of insurance agents and brokers.
Measures aimed at policyholders include:
1. Motor insurance certificates expiring on 20 March 2020 will continue to have effect until the end of April.
The insured may renew their contracts until the end of this period. They will then pay a premium including that relating to the extension period. This measure applies both to contracts renewable by tacit agreement and to fixed-term contracts.
If the state of health emergency persists beyond the end of April, the FMSAR in consultation with ACAPS will reassess the situation.
2. As for health insurance, the FMSAR informs its insured that their insurance contracts cover medical services and pharmaceuticals related to COVID-19.
3. In addition, the FMSAR said that work accident insurance policies will cover telework as soon as it is authorised by the employer, excluding household accidents.
Regarding measures aimed at insurance brokers and agents, insurance companies, in consultation with the supervisory authority, will put in place a number of measures to support the distribution network during this difficult period.
ACAPS has reaffirmed its desire to support the insurance sector in efforts to mitigate the impact of COVID-19, and has expressed its willingness to relax certain prudential measures, in particular with regard to the provisioning of claims.
As at yesterday, Morocco had over 100 confirmed COVID-19 cases.