New Financial Services market report from Timetric: "The Insurance Industry in the Maldives, Key Trends and Opportunities to 2017"

Boston, MA -- (SBWire) -- 06/15/2013 --The volume of the Maldivian insurance industry is very low and lags behind other South Asian markets. The industry has developed since 2004 when a new set of regulations were introduced by the island nation. The insurance industry grew at a CAGR of 11.0% during the review period. The growth of Takaful insurance, the proposed implementation of medical health insurance for all Maldivian citizens and the introduction of mandatory third-party motor vehicle liability insurance in 2012 are expected to be the main growth drivers for the insurance industry over the forecast period. The Maldives has a competitive insurance industry and over the forecast period the industry is expected to experience strong competition in tourism-aligned insurance products such as travel and diving insurance. Tourism is considered to be the primary revenue earner and is expected to be a growth driver for the insurance industry, with new products created in partnership with the government and other key stakeholders.

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Key Highlights

- The industry has developed since 2004 when a new set of regulations were introduced by the island nation
- The volume of the Maldivian insurance industry is very low, and lags behind other South Asian markets
- The Maldives has a competitive insurance industry and over the forecast period the industry is expected to experience strong competition in tourism-aligned insurance products such as travel and diving insurance
- The Maldivian insurance industry has one of the smallest insurance penetrations in South Asia
- The Maldivian insurance industry is regulated by the Maldives Monetary Authority (MMA) and governed by the regional insurance law imposed by the MMA under Presidential Decree no. 2002/6
- The aging population is driving demand for pension and health insurance products

Scope

This report provides a comprehensive analysis of the insurance industry in the Maldives:

- It provides historical values for the Maldivian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and sub-segments in the Maldivian insurance industry, along with forecasts until 2017
- 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 the Maldives and outlines the key regulations affecting them

Reasons to Get This Report

- 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

Companies Mentioned in this Report: The Allied Insurance Company, The Ceylinco Insurance Company Pvt. Ltd, The Amana Takaful (Maldives) Plc,

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