Total assets of insurance industry at MVR 1.4 bln

Central Bank Maldives Monetary Authority (MMA) has revealed that the total asset of the Maldivian insurance industry is over MVR 1.4 billion.

The insurance industry is regulated by MMA under the powers provided in the MMA Act.

According to statistics released by MMA, the insurance industry of Maldives consists of five insurance companies, 8 insurance brokers and 40 insurance agents. The total asset of these companies reach over MVR 1.4 billion, said MMA.

The numbers show the Gross Premium of insurance sector increased to MVR 929.9 during 2019, a 5% increase compared to the previous year. While MVR 616.6 million of this amount is reinsurance profit paid to bank insurance partners, the Gross Claim is at MVR 275 million, a 15% increase compared to 2018.

MMA said the general insurance profit of insurance companies increased by 12% in 2019, reaching MVR 156.1 million.