The release of new data by the Maldives Monetary Authority (MMA) indicates that insurance companies disbursed MVR 615.7 million in claims throughout 2023. This figure highlights the crucial role insurance plays in providing financial security for individuals and businesses.
Health insurance constituted the primary category for claims in 2023, with insurers paying out MVR 323.1 million. Substantial payouts were also made in response to fire (MVR 171.3 million), marine hull (MVR 62.7 million), and other types of losses (MVR 58.5 million). The Maldivian insurance industry has experienced steady growth in recent years, driven by factors such as increased awareness of risk management and a growing middle class.
Compulsory insurance types, such as motor vehicle insurance, remain a significant part of the market. Additionally, the tourism industry, a cornerstone of the Maldivian economy, generates substantial demand for insurance coverage across sectors like health, travel, and property.
While the insurance sector continues to expand, challenges persist. These include limited public awareness of the benefits of insurance beyond mandatory coverage, as well as a need for more diverse insurance products tailored to specific risks.
