Compulsory insurance against natural and terrorist disaster damages will begin in Morocco in early 2020, according to Nouman Essami, director at the Moroccan Ministry of Economy and Finance.
His comments were made Monday during the opening of the 26th Afro-Asian Federation of Insurance and Reinsurance (FAIR) Conference held in Morocco.
Essami pointed out that the mechanism of securing catastrophic cases in Morocco, whether resulting from nature or from human activities such as terrorism, has been put in place in recent years.
He said all the concerned legal provisions are ready in addition to the formation of a solidarity fund against disasters.
Meanwhile, Chairman of the Supervisory Authority of Insurance and Social Welfare (ACAPS) Hassan Boubrik told Asharq Al-Awsat that the new insurance act will be compulsory and cover all Moroccan residents.
On how the insurance works, Boubrik said it would be included as a special article in all insurance contracts, except for life insurance.
For those who do not have insurance contracts, Boubrik explained that they will benefit from the newly created Disaster Solidarity Fund, whose director has been recently appointed by the Moroccan King.
He said the Fund will be operational starting early 2020.
The Conference kickstarted Monday in Marrakech and witnessed the participation of 1,100 insurance and reinsurance companies from both continents.
The general assembly of the Afro-Asian FAIR has elected Morocco as president of the federation for the next two years.
FAIR’s board of directors handed over the presidency from Bahrain’s Yassir al-Baharna to Morocco’s Youssef Fassi Fihri during the opening ceremony.
The Kingdom is a founding member of the Afro-Asian FAIR in 1964 in line with the implementation of the principles of the Bandung Declaration on cooperation among Non-Aligned Countries.
