On April 28th 2016, Solarelle Insurance opened its doors for business with an inauguration ceremony held at Champa Central Hotel in Male’ City. The dynamic newcomer to the Maldivian insurance landscape is the first insurance provider in the country with 100 per cent Private Maldivian stakeholders.
According to the Chairman of Solarelle Bandhu Ibrahim Saleem, the birth of new companies such as Solarelle Insurance is a direct result of the rapid economic growth the Maldives has been experiencing over the years.
“Tourism has been expanding 5 to 7 per cent annually, so has been the banking industry,” he said while noting the speedy developments taking place all over the country within various sectors. “Everything multiplies in relation to economic growth and this economic growth leads to supporting services that in turn lead to further growth,” he explained.
Solarelle Insurance is the fourth company to be licensed by the Maldives Monetary Authority and according to Saleem, the company aims to provide customers with more options in this rapidly expanding economic setting. “The objective is to provide competition. So that customers can choose, and receive the benefits related to choosing,” Saleem said.
Although Solarelle is a relatively new business, it brings along with it an immense sea of knowledge and expertise. Saleem is a veteran businessman with more than 40 years of experience in the business arena. He has also fulfilled top posts at various entities such as the national airport, national transportation company and the national airline. Leading Solarelle alongside Saleem is the company’s Chief Executive Officer Mohamed Ahmed. Ahmed has served various top posts in the government for over 15 years, and most recently he served as the Financial Controller at the Ministry of Finance and Treasury and before that as the Assistant General Manager at the Bank of Maldives.
Solarelle Insurance is focused on finding new and innovative ways of reducing risks and losses for both individuals and organizations alike, and is devoted to providing comprehensive solutions that can be customized to suit the diverse needs of individual customers. The company employs a knowledgeable and friendly team that can empathize with client needs and circumstances, especially in handling losses or claims. And the team’s efforts are very much directed towards understanding the culture, social environment and insurance requirements of every individual customer.
The company provides a wide range of general insurance policies that include property insurance, motor, marine and aviation insurance, engineering insurance, miscellaneous insurance policies for burglary, money, personal accident, fidelity guarantees and insurance against natural disasters such as sea swells.
Among the services provided by Solarelle Insurance, the company’s website highlights its insurance packages relating to Personal Insurance and Business Insurance. The customizable range of Personal Insurance packages are specially designed to offer comprehensive or part insurance coverage for individuals, families and personal assets while the innovative and flexible Business Insurance plans offer cutting edge financial solutions, business guidance and professional advice on risk management, asset protection and employee welfare.
Solarelle Insurance is also backed by leading international re-insurers including the world’s 3rd largest re-insurer Hannover Re, and marine transport insurer Lloyd’s of London. “We are very pleased that they have joined us. This allows us to provide assurance to our customers,” Saleem commented.
According to Saleem, Solarelle Insurance has been enjoying a great amount of support from various industries and customers since opening for business in April. And according to him, the main challenges faced by the company now is related to education and awareness. “I think the main challenge is educating the general public on insurance, for example public liability insurance. So we are very much focused on educating our customers and raising awareness within the market,” he said.
According to Saleem, for Solarelle Insurance, the future holds much expansion, especially in relation to the booming sectors of the country such as the hospitality industry. “I would like to note how this growth comes. It doesn’t happen in a single way. For example 5 to 10 resorts are scheduled to open even in 2017. This means more employment, more transport, more cargo, more imports, more exports, and all this requires insurance. So rather than putting all eggs in one basket, the customer has a choice now,” Saleem said.