Table 11.1 Key Indicators of General Insurance Business, 2020 - 2024 1/
(Millions of MVR)
Period Premium Claims Reinsurance Ratio (%) Insurance density (USD) 2/ Profit
Gross written premium Net written premium Net earned premium Gross claims Net claims incurred Reinsurance business ceded Reinsurance recoveries Reinsurance commission Retention ratio Insurance penetration 2/ Net claim ratio Net expense ratio Net combined ratio
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
2020
914.0
284.4
298.8
267.6
113.2
629.6
178.2
117.2
31.1
1.6
37.9
28.9
66.8
106.3
139.4
2021
1,152.3
405.5
344.3
452.2
154.6
746.8
375.3
121.6
35.2
1.4
44.9
30.7
75.6
131.5
117.6
2022
1,336.4
537.0
477.1
685.8
275.7
799.4
381.3
125.5
40.2
1.4
57.8
35.0
92.8
145.0
121.8
2023
1,648.8
760.7
670.9
615.7
444.6
888.1
231.3
116.1
46.1
1.6
66.3
34.4
100.7
181.1
129.6
2024
2,023.0
893.0
843.4
683.9
465.9
1,129.9
303.7
126.7
44.1
1.9
55.2
29.3
84.6
218.2
246.5
Period Premium Claims Reinsurance Ratio (%) Profit
Gross written premium Net written premium Net earned premium Gross claims Net claims incurred Reinsurance business ceded Reinsurance recoveries Reinsurance commission Retention ratio Net claim ratio Net expense ratio Net combined ratio
(16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28)
2020 Q1
314.7
96.3
84.6
65.7
26.6
218.4
38.0
36.0
30.6
31.4
21.2
52.6
62.0
Q2
218.0
66.5
74.5
59.5
23.4
151.5
39.9
25.9
30.5
31.4
33.5
64.8
28.0
Q3
156.2
57.6
69.8
60.6
37.4
98.6
49.3
26.9
36.9
53.6
30.2
83.7
21.5
Q4
225.1
64.0
69.9
81.8
25.9
161.0
50.9
28.4
28.4
37.1
32.0
69.1
27.9
2021 Q1
369.1
127.6
89.4
80.4
34.9
241.6
46.3
30.8
34.6
39.1
21.5
60.6
46.6
Q2
251.5
90.4
78.1
101.5
26.6
161.1
111.2
26.2
36.0
34.1
30.2
64.3
40.0
Q3
198.4
72.3
82.0
148.5
41.1
126.1
130.0
28.7
36.5
50.1
27.1
77.3
20.2
Q4
333.2
115.1
94.9
121.8
51.9
218.1
87.8
36.0
34.6
54.7
42.8
97.5
10.9
2022 Q1
391.1
150.8
118.6
176.7
40.4
240.3
104.5
34.8
38.6
34.0
22.3
56.4
74.0
Q2
349.7
132.6
109.9
195.3
81.4
217.1
80.6
31.2
37.9
74.1
25.5
99.5
27.0
Q3
284.4
120.9
120.9
120.8
85.2
163.4
79.1
26.4
42.5
70.5
34.8
105.4
7.4
Q4
311.2
132.6
127.6
193.0
68.7
178.6
117.2
33.0
42.6
53.8
55.0
108.8
13.3
2023 Q1
511.2
203.8
145.3
139.5
98.7
307.4
76.2
31.6
39.9
67.9
32.5
100.4
22.1
Q2
375.2
218.9
177.5
116.9
105.2
156.3
30.4
28.9
58.3
59.3
36.2
95.5
47.4
Q3
385.8
186.3
174.4
154.7
117.2
199.6
60.2
22.2
48.3
67.2
35.7
102.9
35.9
Q4
376.6
151.7
173.7
204.5
123.5
224.8
64.4
33.4
40.3
71.1
32.8
103.9
24.2
2024 Q1
600.0
282.1
206.5
116.1
102.3
318.0
39.1
28.2
47.0
49.5
22.8
72.3
116.0
Q2
478.2
245.2
220.9
208.4
135.0
233.0
92.8
30.2
51.3
61.1
27.2
88.3
51.3
Q3
445.5
197.7
216.8
157.5
117.7
247.7
65.1
30.6
44.4
54.3
27.6
81.9
65.4
Q4
499.3
168.1
199.2
201.8
111.0
331.3
106.7
37.7
33.7
55.7
40.3
96.0
13.9
Source: Maldives Monetary Authority
1/Figures are from unaudited quarterly returns submitted to the MMA. Please refer to the explanatory notes on insurance indicators at the end of this publication for more details.
2/These are calculated from audited financial statements submitted to MMA.