Much to be desired in Maldives’ insurance industry: Minister

Mihaaru  Minister of Finance and Treasury Ahmed Munawar proclaimed that the Maldives’ insurance industry is in dire need of expansion.

Speaking at the ceremony held at Hotel Jen to inaugurate the Corporate Liability Insurance for heads of companies and industry professionals, Minister Munawar stressed that the Maldives has the capacity to expand its insurance industry.

Comparing the Maldivian industry with other neighboring countries’, the minister noted that insurance holds very less interest in the Maldivian economy.

“The usage of insurance in 2015 was one percent in the Maldives while Sri Lanka had 42 percent. This shows that we have to lay major efforts to develop the industry,” stated Minister Munawar.

The minister also highlighted that the Gross written per Capita has been increased from MVR 40 million to MVR 100 million since 2007.

Noting that the total asset of insurance companies has risen to MVR 1 billion, Minister Munawar said that the insurance industry only consists four percent of the Gross Domestic Product (GDP).

Emphasizing the growing world class tourism industry, Minister Munawar urged insurance companies to take maximum benefit of it.

Speaking at the ceremony, Managing Director of Dhivehi Insurance Abdul Wahid said that the insurance industry is changing rapidly and, hence, it is vital to act accordingly.

Wahid further noted that the company is working to produce various products and services to the market.

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