The earthquake that occurred in the Atlas region of Morocco yesterday evening was the strongest quake in the last hundred years and shook the region with a magnitude of 6.8. According to the information currently available, the quake claimed more than 800 lives and caused numerous injuries and great destruction, especially in the mountain regions that are difficult to reach. The tourist destination of Marrakech is also in the area of the earthquake, where there was also destruction and damage to important cultural monuments.
Morocco is repeatedly affected by major earthquakes and the economic damage of the most recent quake is estimated to be 0-2% of Morocco’s economic output according to USGS. Nevertheless, it can be assumed that only a small part of the damage is insured and that the burden of reconstruction will remain largely with the population itself. At present, there is also no risk coverage via CAT bonds for earthquakes in Morocco, even though these would be an effective instrument for such natural disasters to quickly finance reconstruction and aid.
Kind regards
Your Plenum-Team
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