Morocco Considers Mandating Home Insurance, Launches Study

Is it possible to introduce mandatory home insurance in Morocco? The Insurance and Social Welfare Control Authority (ACAPS) has launched a study in this direction with ARM Consultants, reports Challenge. The aim is to assess the real needs in terms of home insurance and to take stock of the existing offers on the Moroccan market. The study "will also draw inspiration from international experiences to develop a strategy adapted to the national context", reports the magazine. A diagnosis will be established based on the risks associated with the use of dwellings. It will also take into account the economic and social impacts of a possible insurance obligation.

Regulatory adjustments and control mechanisms are proposed to ensure a smooth and inclusive implementation of this measure. These proposals should promote an efficient and equitable transition to a mandatory insurance system.

In Morocco, home insurance remains optional. However, it is strongly recommended to take out one, whether you are a tenant or an owner, in order to protect your home and belongings. The advantage is that this insurance policy allows, in the event of a claim, to make savings, by reducing the financial impact of the damage.

For now, home insurance products are offered in the form of packages or custom offers, depending on the needs and means of the insured. The basic offer "generally includes coverage against fire, glass breakage, floods and theft, with an average cost ranging from 300 to 500 dirhams per year," it is specified. The premium can reach 600 dirhams per year when the insured wishes to add additional guarantees.