Governor of Maldives Monetary Authority (MMA) Ahmed Naseer has revealed the insurance sector is increasing rapidly, with profits increasing to 92 percent.
Speaking at the ceremony held to mark the 34th anniversary of the Allied Insurance Company of the Maldives, Governor Naseer said the insurance is one sector which is rapidly enhancing the economy of Maldives. In this regard, the governor added the profit from the sector has increased by 92 percent, which amounted to USD 8.777 million.
Moreover, during the ceremony, the governor highlighted the role of insurance sector in expanding the financial sector of the country.
With 5 companies provide insurance service in Maldives, MMA said insurance brokers and agents are also increasing in the country. The assets of the insurance sector in Maldives increased by 7 percent, which amounted to USD 83.9 million, according to statistics.