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Morocco renewed parametric quake insurance after 2023 payout of $275m

Morocco’s government received a $275 million payout from its parametric earthquake insurance policy after the devastating earthquake that occurred in 2023 and the parametric policy has been renewed again, to provide a similar level of cover for 2024, we understand.

The North African country of Morocco was struck by a magnitude 6.8 earthquake in September, that had an epicentre to the south of Marrakesh and caused around 3,000 deaths.

As we reported at the time, the earthquake caused economic losses that were estimated as up to 8% of the country’s GDP, but with insurance and reinsurance penetration limited, the protection gap from this quake in Morocco was wide.


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