Minister of Finance and Treasury Ahmed Munawar proclaimed that the Maldives’ insurance industry is in dire need of expansion.
Speaking at the ceremony held at Hotel Jen to inaugurate the Corporate Liability Insurance for heads of companies and industry professionals, Minister Munawar stressed that the Maldives has the capacity to expand its insurance industry.
Comparing the Maldivian insurance industry with the situation in neighbouring countries, the minister noted that insurance attracts very little interest in the Maldivian economy.
Noting that the total assets of insurance companies has risen to MVR 1 billion, Minister Munawar said that the insurance industry only consists of four percent of the Gross Domestic Product (GDP).
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Source URL: Mihaaru-Business