Statistics from the Maldives Monetary Authority (MMA), the central bank, have revealed that insurance companies in the Maldives issued premiums exceeding MVR 2 billion in the previous year.

According to the monthly statistics published by the MMA, insurance companies issued a total of MVR 2.02 billion in premiums throughout the four quarters of 2024.

The quarterly distribution of premiums was as follows: MVR 600 million in the first quarter, 478.2 million rufiyaa in the second quarter, MVR 445.5 million rufiyaa in the third quarter, and 499.3 million rufiyaa in the final quarter.

Health insurance premiums constituted the largest portion of issuances during this period, with insurance companies issuing MVR 617.6 million in health insurance premiums.

Of this amount, insurance companies disbursed MVR 341.8 million in health insurance claims, whilst the total claims paid across all categories amounted to MVR 683.8 million.

The central bank's statistics further indicated that insurance companies achieved a profit of MVR 246.5 million during the previous year.