The Insurance and Social Security Supervisory Authority (ACAPS) recently launched a study with ARM Consultants. The objective of this study is to assess the feasibility of introducing compulsory home insurance.
Fires, floods, damage, theft… So many disasters and accidents to which owners and tenants are continually exposed. These unfortunate events can cause significant damage, both for the occupant and their neighbors. Preventing these risks requires taking out appropriate home insurance to financially cover the damage caused. In Morocco, home insurance is not compulsory. However, it is strongly recommended to take out one, whether you are a tenant or an owner, in order to protect your home and your property. In the event of a disaster, such insurance allows real savings to be made by reducing the financial impact of damage.
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The Insurance and Social Security Control Authority (ACAPS) is currently studying the feasibility of making home insurance compulsory. To this end, ACAPS commissioned a study from the firm ARM Consultants, specializing in actuarial engineering. This initiative is part of a global strategy aimed at strengthening protection against risks linked to housing and modernizing the insurance framework in Morocco.
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The objectives of the study conducted by ACAPS
The main objective of this study is to assess the real needs in terms of home insurance and to draw up an inventory of existing offers on the Moroccan market. The study will also draw on international experiences to develop a strategy adapted to the national context. The diagnosis will focus on the risks associated with the use of homes and will take into account the economic and social impacts of a possible insurance obligation.
Among the avenues studied, regulatory adjustments and control mechanisms are considered to guarantee smooth and inclusive implementation of this measure. These proposals aim to ensure an efficient and fair transition to a compulsory insurance system.
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Home insurance offers available on the market
Currently, home insurance products are offered in the form of packages or tailor-made offers, according to the needs and means of the policyholders. The basic offer generally includes cover against fire, broken glass, floods and theft, with an average cost ranging from 300 to 500 DH per year. If the insured wishes to add additional guarantees, the premium can reach 600 DH per year. Comprehensive comprehensive insurance, including movable property, jewelry, valuable paintings, etc., can cost up to 1,200 DH per year. Depending on the value of the goods to be insured or the coverage conditions negotiated, these amounts can rise up to 3000 or 4000 DH per year.
