Insurance in Maldives

The Maldives has an established but concentrated insurance market. Five insurers operated in 2025: Allied Insurance Company of the Maldives Pvt Ltd, Amana Takaful (Maldives) Plc, Ceylinco Insurance Company Pvt Ltd, Solarelle Insurance Private Limited and Dhivehi Insurance Company Private Limited. Market data for 2025 recorded 120,479 policyholders, 297,854 policies and gross written premiums of MVR 2.246 billion. Insurance penetration was 1.9 percent and insurance density was USD 237.44. Total insurer assets reached MVR 4.98 billion in July 2026, while gross written premiums reached MVR 582.88 million in the second quarter of 2026. The Maldives Monetary Authority, usually called the MMA, is the sole insurance supervisor. The Insurance Act 13/2025 covers insurer, broker and agent licensing, corporate governance, reporting, audits, inspections, solvency, financial supervision, market conduct, dispute resolution and sanctions. Insurance business may be carried out only within the framework recognized by the MMA, unless the MMA grants permission. Check the MMA's public register before buying cover or relying on an intermediary. Private insurance can cover motor vehicles, homes and household contents, fire and additional perils, marine cargo and hull, engineering work, contractors' risks, theft, money, aviation, public liability, life, personal accident and travel. Motor third-party cover is compulsory and regulated under the Land Transport Act and Regulation 2021/R-123. Comprehensive motor cover is optional. A general legal requirement to insure a home or other property has not been established in the available Maldives sources. Takaful provides a Sharia-compliant alternative using a fund or pool model rather than a conventional insurance structure. In every product, the policy schedule and contract determine the covered events, exclusions, deductible, limits, duration and renewal terms. Premiums or Takaful contributions depend on the risk, product and selected protection; Maldives has no single public standard tariff for all policies. The Maldives Retirement Pension Scheme, or MRPS, is a statutory contributory pension system rather than a private insurance contract. Local employees aged 16 to 65 and their employers generally contribute 14 percent of pensionable wages, with at least 7 percent paid by the employer and 7 percent by the employee. Drawdown begins at age 65, while early withdrawal from age 55 is possible when the eligibility rules are met. Foreign employees and self-employed people may participate voluntarily. The Old Age Basic Pension is a separate state payment for Maldivian citizens aged 65 or older who meet its eligibility conditions. The reviewed primary sources did not establish a direct state insurance equivalent for unemployment or disability; private life or accident policies cover only the events defined in their contracts. To take out cover, provide the insurer or authorized broker or agent with identity, risk and property or vehicle information, complete the application and review the policy schedule before paying the premium or Takaful contribution. Local availability can differ between Malé, other islands and atolls, so confirm how the provider handles inspection, documents, payment and claims in the relevant location. For a claim, notify the insurer without delay and submit the policy, claim form and supporting evidence requested by the contract. A broker must pass claim information to the insurer within a maximum of three working days. Fraudulent claims are not allowed. If the insurer rejects or disputes the claim, use its complaint procedure and then contact the MMA Financial Consumer Protection service at 1444 or 1444@mma.gov.mv. Report material changes to the insured vehicle, property, activity or risk without delay. Endorsements, renewal, cancellation and transfer follow the policy and contract terms. The reviewed sources establish no uniform statutory grace period, portability rule or cancellation period for all insurance products.