At the 2025 Hotelier Maldives General Managers (GM) Forum, held on 13 October at Kurumba Maldives, Dhivehi Insurance made a compelling case for prioritizing resilience in the tourism sector by addressing under-recognized but increasingly impactful risks. In front of a room filled with general managers, resort developers, and hospitality executives, Dhivehi Insurance’s team emphasized the vital importance of tailored insurance solutions in an industry heavily exposed to unpredictable disruptions.
Delivering a focused and informative joint presentation titled “Insurance Solutions for Emerging Risks in a Maldivian Context,” Technical Manager Thanzeem Ahmed and Senior Sales Executive Ismail Nishan shared their insights into how the evolving landscape of economic, digital, and environmental threats demands a proactive and customized approach to risk management in hospitality.
Founded in 2016, Dhivehi Insurance has quickly grown into a key player in the Maldivian insurance market, especially in specialty products tailored for the tourism and hospitality sectors. With leadership from Chairman Abdul Wahid Thowfeeq and Managing Director Ahmed Ameel—both industry veterans with over 30 years of experience, the company has developed a reputation for creating innovative solutions aligned with local needs.
Nishan opened the session by acknowledging the efforts of the hospitality community. “The risks we are addressing today pandemics, cybercrime, financial delays, terrorism, and contractual losses, are complex and demand a collective response backed by robust financial safeguards,” he remarked.
The presentation identified five key areas where emerging risks are reshaping the business landscape for resorts and tourism operators across the Maldives. From cybercrime to contractor defaults, these risks, while not entirely new, are escalating in frequency and severity.
Thanzeem Ahmed provided a deep dive into each of these categories. Speaking about cyber threats, he noted the sharp rise in digital attacks on resorts’ guest databases, payment systems, and online booking platforms. In recent years, Maldivian hospitality clients have suffered over USD 6 million in cyber-related damages. Dhivehi Insurance now offers Cyber Risk Insurance to address these incidents, covering everything from forensic investigations and legal fees to revenue losses and even ransom demands in applicable cases. This comprehensive policy ensures that affected businesses can swiftly resume operations while protecting their reputation.
In discussing terrorism-related risks, Thanzeem explained the wide scope of their Terrorism Insurance policy, which covers physical damage, income losses from closures, “loss of attraction” where nearby incidents deter tourists, and “prevention of access” scenarios. Such provisions help maintain operational stability even in the face of security-related disruptions.
Reflecting on the impact of COVID-19, Thanzeem emphasized that global disruptions can severely affect even operational resorts. Their Pandemic Cover provides compensation for lost income and ongoing expenses during public health emergencies, as well as the added costs of enhanced hygiene protocols, health screenings, and employee retraining.
Another common challenge addressed was delays in resort openings. Through their Delay in Startup policy, Dhivehi Insurance covers revenue losses and fixed operating costs for resorts that experience launch delays due to events like fires or floods. This support helps maintain investor confidence and ensures projects can recover without major setbacks.
To address contractor-related risks, Dhivehi Insurance offers Performance and Advance Payment Bonds. These tools provide financial guarantees in situations where contractors fail to fulfill obligations—whether due to bankruptcy or abandonment. The company also pre-assesses contractors before issuing these bonds, helping clients select financially sound partners.
Throughout the presentation, the message was clear: protecting assets is no longer a luxury but a necessity in the modern tourism sector. “Insurance isn’t always a priority in times of success, but it becomes critical in times of crisis,” said Nishan in closing. “Our role is to ensure businesses have the financial and structural support they need to weather any storm.”
The GM Forum itself has become a staple on the tourism industry calendar since its inception in 2016. The 2025 edition continued its tradition of convening decision-makers and experts to explore challenges and strategies surrounding digital transformation, sustainability, financing, talent development, and competitiveness.
The event was made possible through the contributions of several strategic partners. Dhiraagu served as Digital Partner, Bank of Maldives as Banking Partner, and Dhivehi Insurance as Gold Sponsor. Silver Sponsors included Maldives Airports Company Limited, Villa Hakatha, and Bestbuy Maldives. Manta Air supported the event as Aviation Partner, while Male’ Aerated Water Company took the role of Beverage Partner. Other notable contributors included Atmosphere Wellness, Alia Investments, Uniforms Unlimited, HARIM, Souvenir Marine, Storm Events, Lightsout, and Maldives TV. Sustainability efforts were supported by Maldives Ocean Plastics Alliance (MOPA), with media and community partners such as Navean Maldives, Maldives Insider, and Blue n White.
As the Maldives continues to be one of the most sought-after luxury destinations in the world, sessions like this underscore the importance of sustainable business practices and robust financial planning. The insights shared by Dhivehi Insurance at the GM Forum reaffirm the crucial role of risk management in preserving the long-term strength and reputation of the Maldivian tourism industry.
advertisment
advertisment
