Morocco is banking on digitalisation as a strategic lever to expand access to insurance, the president of the Insurance and Social Security Supervisory Authority (ACAPS), Mr Abderrahim Chaffai, has said.
Speaking on a panel which was part of the Africa Financial Summit (AFIS) held in Casablanca on 9-10 December, Mr Chaffai highlighted the digital initiatives carried out during the COVID-19 crisis, which have made it possible to reach a large section of the population. He called for similar action to expand access to climate insurance products.
He also discussed Morocco's risk pooling strategy, particularly in the agricultural sector, where areas with irregular rainfall are included in subsidy systems to reduce the insurance cost burden for farmers.
This approach, combining digitalisation, state subsidies and risk pooling, constitutes, an effective model for strengthening climate resilience on a continental scale, according to Mr Chaffai.
Another speaker, Mr Kenneth S Matomola, CEO of the Namibia Financial Institutions Supervisory Authority (NAMFISA), said that it is important to adopt a clear risk-based regulatory framework for the insurance sector. He also stressed the need to encourage good practices in climate risk management and to promote regional collaboration and the harmonisation of regulations to address the transboundary challenges posed by climate change.