Solarelle Insurance claims top spot amongst Maldivian insurers at Insurance Asia Awards 2024

It has held a commendable 21% market share as of the end of 2023.

Private insurance company Solarelle Insurance bagged the Domestic General Insurer of the Year - Maldives category win at the coveted Insurance Asia Awards 2024 for its success in delivering personalised and efficient services as well as its robust reinsurance programme.

Solarelle has consistently maintained its position as the second-largest general insurance insurer in the Maldives for the past three years. As of end-2023, the company holds a commendable 21% market share.

This success has been possible as the firm is the first company in the Maldives to implement an actuarial-evaluated technical pricing model for property and medical insurance, which ensures responsible underwriting practices and reflects best practices in the Maldivian market. It is also the first insurer in the country to implement reporting standard IFRS 17, demonstrating its commitment to progressive financial reporting standards.

At the same time, the company is the first insurer  to establish a comprehensive corporate governance model within the Maldivian insurance industry, ensuring transparency and accountability in its operations.

The company prioritises the continuous training and development of its staff, ensuring they are well-equipped to deliver exceptional service and achieve key performance indicators. Committed to a customer-centric approach, Solarelle has maintained consistent growth in gross written premiums, reflecting its success in meeting the evolving insurance needs of the Maldivian market.

Meanwhile, the company features world-renowned reinsurer Hannover RE as its leading Treaty partner, with top-rated reinsurers like Echo Reinsurance Limited and Saudi Reinsurance participating in its panel and providing additional layers of security for clients. 

Solarelle is also engaged in various digitalisation projects to deliver faster and more efficient services to customers, with its digital platform featuring a highly-rated risk management module with a comprehensive monitoring process.

Insurance Asia Awards celebrates insurance companies that have redefined traditional boundaries through groundbreaking innovation and have left a profound impact on customers and in the industry.

The Insurance Asia Awards is presented by Insurance Asia Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's significant impact on its customers with exceptional products, services, and solutions in the insurance industry, please contact Julie Anne Nuñez at [email protected].