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The devastating earthquake that struck Morocco on September 8, 2023 affected an area with low insurance penetration. However, a new commentary from AM Best notes that a parametric insurance arrangement covering part of Morocco’s National Catastrophic Event Coverage Scheme is expected to be triggered and could result in a maximum pay-out of MAD 2,750 million (around USD 270 million).
The new Best’s Commentary, “Industry-backed solutions likely to support Morocco earthquake relief despite low insurance penetration”, states that the Solidarity Fund for Catastrophic Events, which is the part of the scheme covered by the parametric arrangement, provides coverage to the uninsured and most vulnerable part of the population.
