Maldives Monetary Authority (MMA) has revealed insurance companies operating in Maldives issued USD 17.8 million last year to cover losses.
According to statistics publicised by MMA, last year’s figure of USD 17.8 million was the highest figure recorded in insurance across the last five years. In 2018, insurance companies issued USD 15.4 million, while USD 15.5 million was issued in 2017. The figure was recorded at USD 17.7 million in 2016 and USD 16.2 million in 2015.
From the USD 17.8 million released in insurance last year, USD 6.4 million was issued as health insurance while USD 4.9 million was issued to compensate fire damages. Meanwhile, USD 3.7 million was released for the insurance of marine vessels.
The statistics revealed the largest premium amount was paid for fire insurance. Customers paid insurance companies a total of USD 19.9 million as premium for fire insurance last year.