Maldives
Maldives
Flood, Tsunami
114 life insurance companies, 19 general insurance companies, 15 takaful operators and 7 reinsurers
110% (2022)
1#16 out of 239 countries and territories (2023)
148.2% of total employment (2022)
1Overview
Maldives is an upper-middle-income country spread out over hundreds of small tropical islands, and tourism is responsible for much of its successful economic growth in recent decades. As the impacts of climate change increase, Maldives’ islands are threatened by rising sea levels and increasingly frequent tsunamis. Protecting coastal resilience through insurance and risk finance is essential to safeguarding key economic sectors and ensuring sustainable growth.
Working with government partners, UNDP is helping to build Maldives’ long-term resilience and protect vulnerable communities through supporting the development and delivery of inclusive insurance and risk finance solutions.
Our projects
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UNDP is working with the Maldives Monetary Authority on the Maldives Insurance Development Project, a collaboration aimed at building financial resilience for vulnerable communities and sectors. This partnership is developing the insurance industry in Maldives through building actuarial and operations capacity, exploring the feasibility of nature-based insurance products such as coral reef protection, and developing regulations to build an enabling environment for insurance development.
