The Insurance Industry in Maldives, Key Trends and Opportunities to 2018

Published: Nov, 2014 | Pages: 151 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Maldives, including:

The Maldivian insurance industry's growth prospects by insurance segment and category
The competitive landscape in the Maldivian insurance industry
The current trends and drivers in the Maldivian insurance industry
Challenges facing the Maldivian insurance industry
The detailed regulatory framework of the Maldivian insurance industry

Summary
Maldives has a small insurance industry, serving a population of 393,988 in 2013. In the early 1980s, the country was among the world's 20 poorest countries. However, as a result of rapid growth in tourism and fishing, the country grew into a middle-income economy with an annual per capita income of MVR118,439.0 (US$7,711.0) in 2013. The Maldivian economy is driven by tourism and fishing industries. The global financial and EU sovereign debt crises had little impact on the country's tourism industry and overall economy. Maldivian GDP grew at a compound annual growth rate (CAGR) of 4.6% during the review period (2009-2013). The economy is expected to remain positive and register strong growth over the forecast period (2014-2018), supported by growth in tourism and improvement in the global economy. According to the World Bank, Maldivian GDP is expected to grow at a CAGR 4.6% over the forecast period.
Scope
This report provides a comprehensive analysis of the insurance industry in Maldives:

It provides historical values for the Maldivian insurance industry for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Maldivian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Maldives, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Maldivian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Maldivian insurance industry.
Assess the competitive dynamics in the Maldivian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Maldivian insurance industry and its impact on companies and the industry's future.
Key Highlights
Maldives has a small insurance industry, serving a population of 393,988 in 2013.

The Maldivian insurance industry grew at a review-period CAGR of 15.0%. The growth was partially due to the stable economic growth and the strong performance of the personal accident and health segment, which grew at a CAGR of 16.7%, followed by life with 15.9% and non-life with 14.3% during the review period.

The introduction of Husnuvaa Aasandha in January 2012 supported the health segment's growth during the review period, and aimed to provide comprehensive medical cover to Maldivian citizens. Health insurance accounted for 50.7% of the total personal accident and health segment in 2013 and grew at a review-period CAGR of 18.2%.

The Maldivian government introduced a motor third-party liability insurance law in April 2012, requiring all motor vehicles to be insured. This is expected to generate higher business for motor insurance in Maldives, and the motor insurance category is expected to record a forecast-period CAGR of 12.9% and support overall industry growth.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Maldivian Insurance Industry Overview
3.1 Maldivian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 Maldives Monetary Authority
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Allied Insurance Company of the Maldives Pvt Ltd - company overview
6.2.2 Ceylinco Insurance Company Pvt Ltd - company overview
6.2.3 Amana Takaful (Maldives) Plc - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation
7.5 Life Expectancy
7.6 Labor Force
7.7 Unemployment Rate
7.8 Total Number of Internet Users
7.9 Rural and Urban Populations
7.1 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Maldivian Insurance - Gross Written Premium by Segment (MVR Million), 2009-2013
Table 3: Maldivian Insurance - Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Maldivian Insurance - Gross Written Premium by Segment (MVR Million), 2013-2018
Table 5: Maldivian Insurance - Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Maldivian Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 7: Maldivian Insurance - Direct Written Premium by Segment (MVR Million), 2009-2013
Table 8: Maldivian Insurance - Direct Written Premium by Segment (US$ Million), 2009-2013
Table 9: Maldivian Insurance - Direct Written Premium by Segment (MVR Million), 2013-2018
Table 10: Maldivian Insurance - Direct Written Premium by Segment (US$ Million), 2013-2018
Table 11: Maldivian Insurance - Segmentation by Direct Written Premium (% Share), 2009-2018
Table 12: Maldivian Life Insurance - Gross Written Premium (MVR Million), 2009-2013
Table 13: Maldivian Life Insurance - Gross Written Premium (MVR Million), 2013-2018
Table 14: Maldivian Life Insurance - Direct Written Premium (MVR Million), 2009-2013
Table 15: Maldivian Life Insurance - Direct Written Premium (MVR Million), 2013-2018
Table 16: Maldivian Life Insurance - Paid Claims (MVR Million), 2009-2013
Table 17: Maldivian Life Insurance - Paid Claims (MVR Million), 2013-2018
Table 18: Maldivian Life Insurance - Incurred Loss (MVR Million), 2009-2013
Table 19: Maldivian Life Insurance - Incurred Loss (MVR Million), 2013-2018
Table 20: Maldivian Life Insurance - Loss Ratio (%), 2009-2013
Table 21: Maldivian Life Insurance - Loss Ratio (%), 2013-2018
Table 22: Maldivian Life Insurance - Combined Ratio (%), 2009-2013
Table 23: Maldivian Life Insurance - Combined Ratio (%), 2013-2018
Table 24: Maldivian Life Insurance - Total Assets (MVR Million), 2009-2013
Table 25: Maldivian Life Insurance - Total Assets (MVR Million), 2013-2018
Table 26: Maldivian Life Insurance - Total Investment Income (MVR Million), 2009-2013
Table 27: Maldivian Life Insurance - Total Investment Income (MVR Million), 2013-2018
Table 28: Maldivian Life Insurance - Retentions (MVR Million), 2009-2013
Table 29: Maldivian Life Insurance - Retentions (MVR Million), 2013-2018
Table 30: Maldivian Life Insurance - Total Investment (MVR Million), 2009-2013
Table 31: Maldivian Non-Life Insurance - Gross Written Premium by Category (MVR Million), 2009-2013
Table 32: Maldivian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 33: Maldivian Non-Life Insurance - Gross Written Premium by Category (MVR Million), 2013-2018
Table 34: Maldivian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 35: Maldivian Non-Life Insurance - Direct Written Premium by Category (MVR Million), 2009-2013
Table 36: Maldivian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 37: Maldivian Non-Life Insurance - Direct Written Premium by Category (MVR Million), 2013-2018
Table 38: Maldivian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 39: Maldivian Non-Life Insurance - Paid Claims (MVR Million), 2009-2013
Table 40: Maldivian Non-Life Insurance - Paid Claims (MVR Million), 2013-2018
Table 41: Maldivian Non-Life Insurance - Incurred Loss (MVR Million), 2009-2013
Table 42: Maldivian Non-Life Insurance - Incurred Loss (MVR Million), 2013-2018
Table 43: Maldivian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 44: Maldivian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 45: Maldivian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 46: Maldivian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 47: Maldivian Non-Life Insurance - Total Assets (MVR Million), 2009-2013
Table 48: Maldivian Non-Life Insurance - Total Assets (MVR Million), 2013-2018
Table 49: Maldivian Non-Life Insurance - Total Investment Income (MVR Million), 2009-2013
Table 50: Maldivian Non-Life Insurance - Total Investment Income (MVR Million), 2013-2018
Table 51: Maldivian Non-Life Insurance - Retentions (MVR Million), 2009-2013
Table 52: Maldivian Non-Life Insurance - Retentions (MVR Million), 2013-2018
Table 53: Maldivian Non-Life Insurance - Total Investment (MVR Million), 2009-2013
Table 54: Maldivian Property Insurance - Gross Written Premium (MVR Million), 2009-2013
Table 55: Maldivian Property Insurance - Gross Written Premium (MVR Million), 2013-2018
Table 56: Maldivian Motor Insurance - Gross Written Premium (MVR Million), 2009-2013
Table 57: Maldivian Motor Insurance - Gross Written Premium (MVR Million), 2013-2018
Table 58: Maldivian Liability Insurance - Gross Written Premium (MVR Million), 2009-2013
Table 59: Maldivian Liability Insurance - Gross Written Premium (MVR Million), 2013-2018
Table 60: Maldivian Marine, Aviation and Transit Insurance - Gross Written Premium (MVR Million), 2009-2013
Table 61: Maldivian Marine, Aviation and Transit Insurance - Gross Written Premium (MVR Million), 2013-2018
Table 62: Maldivian Personal Accident and Health Insurance - Gross Written Premium by Category (MVR Million), 2009-2013
Table 63: Maldivian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 64: Maldivian Personal Accident and Health Insurance - Gross Written Premium by Category (MVR Million), 2013-2018
Table 65: Maldivian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 66: Maldivian Personal Accident and Health Insurance - Direct Written Premium by Category (MVR Million), 2009-2013
Table 67: Maldivian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 68: Maldivian Personal Accident and Health Insurance - Direct Written Premium by Category (MVR Million), 2013-2018
Table 69: Maldivian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 70: Maldivian Personal Accident and Health Insurance - Paid Claim (MVR Million), 2009-2013
Table 71: Maldivian Personal Accident and Health Insurance - Paid Claim (MVR Million), 2013-2018
Table 72: Maldivian Personal Accident and Health Insurance - Incurred Loss (MVR Million), 2009-2013
Table 73: Maldivian Personal Accident and Health Insurance - Incurred Loss (MVR Million), 2013-2018
Table 74: Maldivian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 75: Maldivian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 76: Maldivian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 77: Maldivian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 78: Maldivian Personal Accident and Health Insurance - Total Assets (MVR Million), 2009-2013
Table 79: Maldivian Personal Accident and Health Insurance - Total Assets (MVR Million), 2013-2018
Table 80: Maldivian Personal Accident and Health Insurance - Total Investment Income (MVR Million), 2009-2013
Table 81: Maldivian Personal Accident and Health Insurance - Total Investment Income (MVR Million), 2013-2018
Table 82: Maldivian Personal Accident and Health Insurance - Retentions (MVR Million), 2009-2013
Table 83: Maldivian Personal Accident and Health Insurance - Retentions (MVR Million), 2013-2018
Table 84: Maldivian Personal Accident and Health Insurance - Total Investment Income (MVR Million), 2009-2013
Table 85: Maldivian Personal Accident Insurance - Gross Written Premium (MVR Million), 2009-2013
Table 86: Maldivian Personal Accident Insurance - Gross Written Premium (MVR Million), 2013-2018
Table 87: Maldivian Health Insurance - Gross Written Premium (MVR Million), 2009-2013
Table 88: Maldivian Health Insurance - Gross Written Premium (MVR Million), 2013-2018
Table 89: Maldivian Reinsurance - Ceded by Insurance Segment (MVR Million), 2009-2013
Table 90: Maldivian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 91: Maldivian Reinsurance - Ceded by Insurance Segment (MVR Million), 2013-2018
Table 92: Maldivian Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 93: Maldivian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 94: Maldivian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 95: Maldivian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 96: Maldivian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 97: Maldivian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 98: Maldivian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 99: The Maldives - Life Insurance Regulatory Framework
Table 100: The Maldives - Property Insurance Regulatory Framework
Table 101: The Maldives - Motor Insurance Regulatory Framework
Table 102: The Maldives - Liability Insurance Regulatory Framework
Table 103: The Maldives - Corporate Tax Rates for the Financial Year 2013
Table 104: Allied Insurance Company of the Maldives Pvt Ltd, Main Products
Table 105: Allied Insurance Company of the Maldives Pvt Ltd, Key Employees
Table 106: Ceylinco Insurance Company Pvt Ltd, Main Products
Table 107: Ceylinco Insurance Company Pvt Ltd, Key Employees
Table 108: Amana Takaful (Maldives) Plc, Main Products
Table 109: Amana Takaful (Maldives) Plc, Key Employees