The Insurance Industry in Maldives to 2018: New Research and Forecast Report

on Tuesday, 2 December 2014 include new market research report " The Insurance Industry in Maldives to 2018: Industry Size, Shares, Growth, Analysis, Key Trends, Opportunities And Forecast" to its huge collection of research reports.

Maldives has a small insurance industry, serving a population of 393,988 in 2013. In the early 1980s, the country was among the world’s 20 poorest countries. However, as a result of rapid growth in tourism and fishing, the country grew into a middle-income economy with an annual per capita income of MVR118,439.0 (US$7,711.0) in 2013.

The Maldivian economy is driven by tourism and fishing industries. The global financial and EU sovereign debt crises had little impact on the country’s tourism industry and overall economy. Maldivian GDP grew at a compound annual growth rate (CAGR) of 4.6% during the review period (2009–2013). The economy is expected to remain positive and register strong growth over the forecast period (2014–2018), supported by growth in tourism and improvement in the global economy. According to the World Bank, Maldivian GDP is expected to grow at a CAGR 4.6% over the forecast period.


This report provides a comprehensive analysis of the insurance industry in Maldives:

  • It provides historical values for the Maldivian insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Maldivian insurance industry, along with forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Maldives, and outlines the key regulations affecting them.
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Key highlights:-
  • Maldives has a small insurance industry, serving a population of 393,988 in 2013. 
  • The Maldivian insurance industry grew at a review-period CAGR of 15.0%. The growth was partially due to the stable economic growth and the strong performance of the personal accident and health segment, which grew at a CAGR of 16.7%, followed by life with 15.9% and non-life with 14.3% during the review period.
  • The introduction of Husnuvaa Aasandha in January 2012 supported the health segment’s growth during the review period, and aimed to provide comprehensive medical cover to Maldivian citizens. Health insurance accounted for 50.7% of the total personal accident and health segment in 2013 and grew at a review-period CAGR of 18.2%.
  • The Maldivian government introduced a motor third-party liability insurance law in April 2012, requiring all motor vehicles to be insured. This is expected to generate higher business for motor insurance in Maldives, and the motor insurance category is expected to record a forecast-period CAGR of 12.9% and support overall industry growth.

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