The Moroccan insurance industry has entered into a new phase of uncertainty, in the wake of the outbreak of armed hostilities in the Middle East, according to Mr Mohamed Hassan Bensalah, President of the Moroccan Insurance Federation (FMA).
Speaking at the opening of the 12th Rendez-Vous de Casablanca de l'Assurance, Mr Bensalah pointed to the industry’s changing landscape. He said, “For 12 years, the Casablanca Rendezvous has been supporting the major transformations in our sector. It analyses the challenges, sheds light on questions and supports the industry’s ambitions. But, this year, the context is more unstable, more uncertain.”
He said that the effects of the Middle East war are already felt far beyond the directly affected domains in the form of rising energy prices, pressure on transport costs, and inflation in the prices of basic commodities. “But beyond these tangible effects, there is a transformation of risk itself,” he said.
The reason is that some risks now fall outside the scope of traditional insurance frameworks. War-related damages, for example, are largely excluded from insurance contracts. "Not by choice, but because these risks are, by their very nature, massive, simultaneous, and difficult to pool, he said. Only certain sectors, such as maritime or aviation, can access specific, often complex and costly, coverage.
He added that what is at stake today goes beyond a simple cyclical crisis. Rather, there is a profound transformation with businesses, investors, and citizens exposed to a combination of political, climate, cyber, and geostrategic risks that can affect everyone simultaneously.
In this new environment, the role of the insurer is evolving. "We are no longer simply claims managers. We are becoming key players in economic and social resilience."