The execution regulation of Law 110-14 on the introduction of a natural catastrophe insurance system has been submitted to the Ministry of Economy and Finance.
Once the text has been approved, the insured will have to pay a compulsory premium on all non life insurance policies. The premium supplement would be set at around 4% excluding taxes while maximum compensation per event is set at 2 billion MAD (212.7 million USD) for natural catastrophes and 300 million MAD (31.9 million USD) for man-made disastrous events.
Another novelty consists in the establishment of a solidarity fund for victims of natural catastrophes that is due to see the light of day soon. This institution is designed to provide assistance to people who have not taken out any insurance contract.
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- The insurance industry in Morocco [4]