The Annual Report of Maldives Monetary Authority revealed that at the end of 2017 there were four general insurance companies and one composite insurance company in the Maldives. According to the report, the total assets of the industry had an increase of 9% with a figure of MVR 1.1 billion and Gross Written Premiums (GWP) increased by 15% with a figure of MVR 767.3 million.
Insurance Penetration (ratio of GWP in a year to GDP) had increased by 1.2% from 2016 to 2017 for the general insurance industry. The Insurance Density (GWP per capita) had also increased from USD 91.5 million in 2016 to 103.5 million in 2017.
The growth in premiums underwritten in 2017 was attributable to the increase in health, marine hull and aviation insurance. Fire insurance is the largest single type accounting to 32% of the total premiums followed by health insurance at 15%. Marine hull and marine cargo accounted for 19% of the total premium in 2017.
Gross claims paid by insurance companies in 2017 was MVR 240.4 million of which 45 % accounted for heal and 30% for marine hull insurance policies.