A dedicated legal framework will soon be introduced in Morocco, according to the Insurance and Social Security Supervisory Authority (ACAPS).
A draft amendment to the Insurance Code is being prepared to establish a legal framework governing microinsurance and improve distribution channels to improve accessibility, reported the newspaper, Morning.
ACAPS aims to promote innovation and access to insurance. In its 2023 report, ACAPS stated that its inclusive insurance project was showing significant progress as a part of the national financial inclusion strategy. Thus, the definition and expansion of the distribution of microinsurance by the Authority represented important milestones for insurance inclusion. New microinsurance products have been authorised by the regulator.
In the agricultural insurance market, the Authority continued its commitment to the reform project led by the Department of Agriculture, contributing to strengthening the insurance framework in this key sector.
ACAPS also states that it has continued dialogue with ministerial departments to deepen consultations with insurance and reinsurance companies with a view to expanding the range of microinsurance products for very small enterprises (VSEs). At the same time, the ministerial departments are considering incentive measures to encourage and support the development of innovative and tailor-made offers in this branch.