Maldives Insurance Industry – Key Trends and Opportunities to 2028
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Maldives Insurance Market Report Overview
Maldives’s total insurance industry comprises only general insurance which accounted for a gross written premium (GWP) of MVR1.6 billion ($107.1 million) in 2023. The general insurance sector experienced growth in 2023 due to higher premium rates and increased demand for health insurance, natural catastrophic policies, and commercial property policies. The market is expected to achieve a CAGR of more than 13% during 2024-2028.
The Maldives insurance market research report provides in-depth market analysis, information, and insights into the Maldives insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Maldives Insurance Market Outlook, 2023-2028 (MVR Billion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Maldives economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2023) | MVR1.6 billion ($107.1 million) (GWP) |
CAGR (2024-2028) | >13% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Line of Business (General Insurance) | · Property
· Motor · Liability · Financial Lines · MAT · Non-Life PA&H · Miscellaneous |
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Maldives Insurance Market Trends
A few of the recent trends influencing the Maldives insurance market are the steady increase in health insurance, crop insurance schemes, travel insurance, and arts and entertainment insurance.
For instance, in December 2023, the Maldivian government announced the inclusion of free routine medical check-ups and IVF services under the government’s universal healthcare insurance scheme, Aasandha. The Aasandha scheme will cover the cost difference for higher-standard hospitals abroad. Likewise, in February 2023, Ooredoo Maldives, a telecom and digital service provider, collaborated with Amana Takaful to introduce a new digital insurance package called M-Faisaa Travel Insurance, a digital insurance package for overseas travelers.
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Maldives Insurance Market by Segments
Property Line of Business led the Maldives insurance market in 2023
The key lines of business in the Maldives general insurance market are property, motor, liability, financial lines, and marine, aviation, and transit (MAT) among others. In 2023, the property line of business accounted for a prominent share of the total Maldives insurance industry’s GWP.
Maldives Insurance Market Analysis by Line of Business, 2023 (%)
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Maldives Insurance Market – Latest Developments
- In August 2023, the United Nations Development Programme (UNDP) and the Maldives Monetary Authority (MMA) signed a financing agreement to collaborate on the Maldives Insurance Development Project.
- In March 2023, the Allied Insurance Company of the Maldives Private Limited, launched Crop Takaful, a farming insurance policy in the Maldives. The insurance policy is aimed at protecting and sustaining the livelihoods of farmers.
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Segments Covered in the Report
Maldives General Insurance Market LOB Outlook (Value, MVR Billion, 2019-2028)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- Non-Life PA&H
- Miscellaneous
Scope
This report provides
- A comprehensive analysis of the Maldives insurance industry
- Historical values for the Maldives insurance industry for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Maldives insurance industry and market forecasts for 2028.
- Profiles the top insurance companies in Maldives and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Maldives insurance industry.
- A comprehensive overview of the Maldives economy, government initiatives, and investment opportunities.
- The Maldives insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Maldives insurance industry’s market structure gives details of lines of business.
- Maldives’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Maldives insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Maldives insurance industry.
- Assess the competitive dynamics in the Maldives insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Ceylinco Insurance Company
Solarelle Insurance
Table of Contents
Frequently asked questions
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What was the Maldives insurance market gross written premium in 2023?
The gross written premium of the Maldives insurance market was MVR1.6 billion ($107.1 million) in 2023.
-
What is the growth rate of the Maldives insurance market during the forecast period?
The insurance market in Maldives is expected to achieve a CAGR of more than 13% during 2023-2027.
-
Which LoB dominated the Maldives insurance market in 2023?
Property insurance was the leading line of business (LoB) in the Maldives insurance market in 2023.
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