Insurance sector records 22% growth in Q4 2024
Takaful insurance, which operates in accordance with Islamic principles, accounted for 20% of the total insurance premium.
The insurance sector in the Maldives recorded a 22% growth in the final quarter of last year, according to data from the Maldives Monetary Authority (MMA).
The MMA’s Economic Bulletin for the fourth quarter of last year reported that gross retention premiums stood at MVR 1.9 billion, marking a 22% increase compared to the same period in the previous year.
Takaful insurance, which operates in accordance with Islamic principles, accounted for 20% of the total insurance premium.
Premium income from air travel, medical, and fire insurance made up the majority of total premium income. Meanwhile, life insurance premium income declined by 3%, standing at MVR 11.5 million at the end of the year.
Insurance claims increased by 11% in the fourth quarter of last year compared to the same period in the previous year. Total insurance claims in 2023 were MVR 615 million, rising to MVR 683 million last year. The largest share of compensation was paid for fire-related damages.
