Strategic Market Intelligence: Insurance Industry in Maldives - Key Trends and Opportunities to 2022
Maldives is a middle-income country, with a gross domestic product (GDP) of MVR55.0 billion (US$3.6 billion) in 2017. During 2013-2017, the economy grew at a CAGR of 4.3%. In February 2018, a state of emergency was imposed. It lasted 45 days, and the adverse impact on the tourism industry and economy led to a net decline in foreign investment, coupled with a rise in unemployment.
In 2017, the Maldives insurance industry GWP was valued at MVR767.8 million (US$49.9 million). The industry is expected to value MVR1,177.1 million (US$76.5 million) in 2022. Commercial insurance was the dominant consumer sub-segment in the general segment, compared to retail in 2017.
Around 50% of the population and 75% of critical infrastructure is vulnerable to rising sea levels, hurricanes and tsunamis due to close proximity to the sea; this supplements the need for customized insurance products. As of 2018, the presence of free trade zones and infrastructure projects worth MVR7.0 billion (US$454.9 million) will promote foreign investments, supporting product demand.
The industry is regulated by the Maldives Monetary Authority (MMA), and comprises five registered insurers - four general and one composite - as well as eight brokers and 41 insurance agents. There is no domestic reinsurance company; insurers rely entirely on foreign reinsurers.
Strategic Market Intelligence: Insurance Industry in Maldives - Key Trends and Opportunities to 2022, report provides a detailed outlook by product category for the Maldivian insurance industry, and a comparison of the Maldivian insurance with its regional counterparts. The report brings together modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages in the country.
It provides values for key performance indicators such as written premium, total assets, total investment and total investment income during the review period (2013-2017) and forecast period (2017-2022). The report also gives a comprehensive overview of the Maldivian economy and demographics, and provides detailed information on the competitive landscape in the country.
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