Maldives Monetary Authority (MMA) has revealed the total assets of the insurance sector in Maldives exceeded USD 90 million by the end of the year 2019.
According to statistics publicised by MMA, five insurance companies operate in the Maldives currently, with 8 insurance brokers and 40 insurance agents. The total of USD 90 million is inclusive of all companies operating in the sector.
The statistics indicate that insurance companies received over USD 60.38 million in Gross Premiums, which is a 5% increase compared to the amount in 2018. Of the USD 60.38 million received, USD 39.99 million is the reinsurance profit paid to bank insurance partners from foreign countries. Reinsurance is the insurance of insurers as they transfer portions of their risk portfolios to other parties under an agreement.
As per the data, the gross claim in the year 2019 was USD 17.83 million which is an increase of 15% as compared to the previous year. The statistics indicate that a large chunk of the insurance premiums include packages that cover damage and losses caused by fire which amounts to USD 3.06 million. The fire insurance amounts has increased by 33% as compared to the year 2018.
Health Insurance packages accounts to the second highest type, with a 25% increase. The total amount of health insurance premiums is USD 382,619.
MMA revealed that the sector saw a 12% increase in general insurance business, taking profits to USD 10.12 million.