Morocco earthquake: insured losses unlikely to be substantial

According to Thierry Léger, Chief Executive Officer of the SCOR group, the gap between the economic damage caused by the recent earthquake in Morocco and the insured losses is likely to be large. This is attributable to the low number of homes insured against this type of risk.

Likewise, Fitch Ratings believes that the disaster is unlikely to become a major event for the insurance and reinsurance sector.

By way of reminder, an unusually violent earthquake struck Morocco on the night between 8 and 9 September 2023, wreaking havoc in terms of both material and human damage.

The epicenter of the earthquake was located in the province of Al Haouz, southwest of the touristic city of Marrakech. The tremor was also felt in Rabat, Casablanca, Agadir and Essaouira.

Recent figures indicate a death toll of 2 862, including 1 452 in Al Haouz, 764 in Taroudant (153km southwest of Marrakech), 202 in Chichaoua (72km west) and 18 in the Marrakech prefecture. The number of injured people reached 2 562. Authorities warn that the death toll could still rise as the search for victims continues.

Part of the minaret of the Kharbouche mosque in Place Jamaa el-Fna, Marrakech's main tourist destination, was destroyed. Historic city walls dating back to the 12th century were also partially damaged. At least 230 schools and 55 boarding schools were severely hit as well.

With a magnitude of 6.8 according to the US Geophysical Survey (USGS) and 7 according to the Moroccan National Center for Scientific and Technical Research (CNRST), this earthquake is considered to be the most violent ever recorded in the country.