News Middle East31 Oct 2024

Morocco:Regulator studies feasibility of making multi-risk home insurance compulsory

| 31 Oct 2024

The Insurance and Social Welfare Supervisory Authority (ACAPS) is studying the introduction of compulsory multi-risk home insurance in the country.

The aim is to protect citizens against disasters and to strengthen the stability of the real estate sector. Following the feasibility study, the authorities could develop a detailed roadmap for the implementation of the proposed compulsory scheme.

Despite advances in access to housing and coverage offers, the use of multi-risk home insurance remains very limited and is mainly focused on properties acquired through bank financing, reported the newspaper, Morning. This vulnerability was highlighted during the Al Haouz earthquake.

The magnitude-6.8 Al Haouz earthquake, which struck on 8 September 2023, is the strongest instrumentally recorded earthquake in Morocco.

 

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