Strengthening Actuarial Expertise for Sustainable Insurance Development in the Maldives

Successful Completion of Joint Mission with Milliman

October 30, 2023

The United Nations Development Programme (UNDP) in the Maldives has successfully concluded a joint mission with Milliman dedicated to enhancing actuarial expertise for risk response and sustainable, inclusive insurance development in the Maldives under our Maldives Insurance Development Project. This collaborative effort involved the Maldives Monetary Authority (MMA) and was aligned with the Integrated National Financing Framework (INFF). The project received support from UNDP's Insurance and Risk Financing Facility (IRFF) and Milliman, an independent actuarial consulting firm.

With the support of UNDP's Insurance and Risk Finance Facility (IRFF) and Milliman’s Global Actuarial Initiative (GAIN), we led the national insurance training program for the Maldives, in partnership with the MMA.

The mission successfully trained MMA, insurance companies, and government counterparts in risk modeling, enhanced actuarial capacities, and cultivated a pool of qualified, risk-responsive, and inclusive insurance experts.

The sessions covered various topics, including Actuarial Insights, Insurance Regulation, Risk-Based Capital Reserving, Financial Auditing & Examinations, Combating Fraud in Insurance, Regulating Health Insurance Markets, Nature/Bio/Coral Reef Insurance, and How Insurance Contributes to the SDGs, with case studies.

“We brought in the excellence of Milliman to enhance risk modeling and actuarial expertise in the Maldives, as well as to secure the future and fortify institutions like MMA, insurers, and government partners - to navigate the complexities of risk with unwavering confidence,” said Enrico Gaveglia, UNDP Maldives Resident Representative.