Diagnostic study for innovative solutions to protect vulnerable communities in the Maldives
Risk Insurance Diagnostic Study
July 3, 2022
The Maldives Monetary Authority (MMA) has partnered with the United Nations Development Programme (UNDP) where UNDP Maldives, together with UNDP’s Insurance Risk and Finance Facility (IRFF), is carrying out a Risk Insurance Diagnostic Study in the Maldives.
This Study will assess significant areas including the insurance supply-side and demand-side, the gaps and opportunities in creating an enabling environment through government policy and regulatory environment, building regulatory capacities, and suggesting suitable approaches towards developing new insurance solutions.
The Study will not only address challenges and opportunities but will also highlight those areas where MMA and UNDP can, together with partners, work to improve the enabling environment for inclusive insurance and risk financing and to develop specific solutions relevant to the Maldives. Specifically, through this Study, we will be helping the insurance and risk financing stakeholders by:
- assessing the development of the insurance agenda in the Maldives.
- assessing the disaster and climate risk insurance development needs and priorities.
- facilitating the stakeholders’ dialogue; and
- developing an action plan based on the findings.
As part of the Risk insurance Diagnostic Study Consultations, we have conducted a ‘Insurance Solutions for Nature and Biodiversity Risks in the Maldives’ workshop in June 2022. This interactive workshop saw the participation of insurance and biodiversity finance experts from Australia, France, Germany and the Philippines who discussed ways to create an enabling environment to minimise biodiversity losses and strong strategies & tools to reduce these risks.
The workshop had 38 participants from Ministry of Economic Development, Ministry of Finance, Ministry of Transport and Civil Aviation, Maldives Fund Management Corporation, Environmental Protection Agency of Maldives, National Disaster Management Authority of Maldives, Capital Market Development Authority Maldives, Bank of Maldives, Maldives Islamic Bank, as well all Maldivian insurance companies and the financial consumer unit of Maldives Monetary Authority.