Munawar: More opportunities needed in local tourism insurance

Minister of Finance and Treasury, Ahmed Munawar has said that local insurance is very important in the Maldivian tourism industry and the sector needs more local insurance companies.

Speaking at the Liability Insurance Seminar yesterday at Hotel Jen, Minister Munawar said that the amount of natural resources in the Maldives is higher in the scale of global percentage and the insurance companies need to expand into that market.

He said that the Maldivian tourism receives 2-5 billion in investments annually. And while over ten new resorts are set to open this year, insurance companies need to enter that market as well.

According to the Finance Minister, no local insurance company has introduced a product specifically for the tourism sector causing billions of dollars that could be earned to the country to be diverted abroad.

Liability Insurance Seminar was organized by the Maldivian insurance companies where two new products were introduced.