Solarelle Insurance Pvt Ltd has been recognised with three Global Banking & Finance Review Awards 2026, celebrating the company's decade-long development in the Maldivian insurance market, its general insurance capabilities and its role in bringing an innovative epidemic and pandemic risk solution to the country.
The awards are:
Best General Insurance Company Maldives 2026
Decade of Excellence - General Insurance Maldives 2026
Most Innovative Insurance Product (Pandemic and Epidemic Risk Solution) Maldives 2026
The recognitions come as Solarelle Insurance marks ten years since its establishment in 2016. Over that period, the company has developed a broad portfolio of general insurance solutions serving individuals and businesses across the Maldives, while expanding its capabilities in areas ranging from motor, health and travel insurance to property, marine, engineering, liability and specialised commercial risks.
Solarelle was established in April 2016 and received its licence from the Maldives Monetary Authority to conduct general insurance business in the country that year. As a Maldivian-owned insurer, the company has developed its operations around an understanding of the particular insurance requirements of an island economy where tourism, transport, infrastructure, property and climate-related exposures create distinctive risk-management needs.
Commenting on the awards, Barnai Pal Sinha, Editor of Global Banking & Finance Review, said: “Solarelle Insurance’s development over the past decade reflects the evolution of the Maldivian insurance market itself. The company has built a broad general insurance offering while continuing to explore solutions for risks that are becoming increasingly important to businesses and the wider economy. Its involvement in introducing epidemic and pandemic risk protection to the Maldives demonstrates how insurers can respond to lessons from recent global disruptions with new approaches to risk transfer. These three awards recognise Solarelle’s ten-year journey, its contribution to general insurance in the Maldives and its continued focus on developing relevant solutions for customers and businesses. We congratulate the entire Solarelle team on these achievements.”
Best General Insurance Company Maldives 2026
The Best General Insurance Company Maldives 2026 award recognises Solarelle’s continued development as a general insurer serving both personal and corporate customers.
Over the past decade, the company has built a diversified portfolio designed to address a wide range of everyday and specialist risks. Its personal insurance offering includes areas such as motor, travel and health-related cover, while its commercial capabilities extend across property, engineering, marine, cargo, liability, bonds, group personal accident and other specialist classes.
The breadth of these services is particularly relevant in the Maldives, where an economy spread across numerous islands creates distinctive requirements for transport, tourism, construction, marine activity and business continuity.
Solarelle has also continued to develop digital capabilities intended to make insurance services more accessible. Customers can use online channels for selected insurance purchases, policy-related services and medical claims, complementing the company's physical presence in Malé and Addu City.
Risk management and reinsurance also remain important elements of the company's operating model. Given the Maldives' exposure to natural catastrophes and the concentration of significant economic assets within the tourism and infrastructure sectors, Solarelle works with international reinsurance partners to support risk diversification and underwriting capacity.
The award reflects the combination of product breadth, local market knowledge, customer service, underwriting capability and continued development that has shaped the company's general insurance operations.
A Decade of Excellence in General Insurance
The Decade of Excellence - General Insurance Maldives 2026 award marks ten years since Solarelle entered the Maldivian insurance market.
Established in April 2016, Solarelle was among the insurers licensed that year by the Maldives Monetary Authority to conduct general insurance business. The company has since developed from a new entrant into an established participant in the country's insurance sector.
Its first decade has coincided with considerable change in the risk environment.
Businesses and individuals have had to navigate the effects of the COVID-19 pandemic, changing patterns of tourism, increasing digitalisation, evolving cyber risks and continued exposure to climate and natural-catastrophe events. At the same time, customers increasingly expect insurance services to be easier to access, understand and manage digitally.
Solarelle's response has involved broadening its traditional general insurance offering while developing capabilities in more specialised areas. Its specialty-lines portfolio today includes areas such as directors and officers liability, bankers indemnity, clinical trial insurance, parametric solutions and epidemic and pandemic protection.
The company's ten-year milestone therefore represents more than longevity. It reflects a period in which Solarelle has sought to evolve alongside the changing requirements of businesses, households and the broader Maldivian economy.
The Decade of Excellence - General Insurance Maldives 2026 award recognises that journey and the company's continued participation in the development of the domestic insurance market.
Most Innovative Insurance Product – Pandemic and Epidemic Risk Solution
Solarelle's third recognition, Most Innovative Insurance Product (Pandemic and Epidemic Risk Solution) Maldives 2026, focuses on a challenge with particular importance for tourism-dependent economies.
The COVID-19 pandemic demonstrated how quickly a health emergency can become an economic and business-continuity crisis. For countries such as the Maldives, where tourism plays a central role in economic activity, the financial consequences of widespread travel disruption, resort closures and reduced visitor demand can extend across multiple sectors.
In September 2025, Solarelle Insurance participated in the introduction of a dedicated Pandemic and Epidemic Risk Solution for members of the Maldives Association of Tourism Industry (MATI), working alongside Munich Re, Equirus Raghnall Insurance Broking & Risk Management and Trust Edge Risk Solutions.
The programme was established with an aggregate policy limit of US$5 million and was designed to provide participating MATI members with financial protection and preparedness against specified epidemic and pandemic risks.
Munich Re described the initiative at its launch as Asia's first Epidemic and Pandemic Risk Solution Policy, highlighting its significance as a new approach to addressing a category of risk that became particularly visible during the COVID-19 crisis.
Rather than relying solely on conventional business insurance arrangements, the initiative provides a dedicated mechanism through which participating tourism businesses can consider protection against financial consequences associated with future epidemic or pandemic events, subject to the terms, conditions and coverage of the policy.
For the Maldivian tourism industry, the development illustrates how specialised insurance can play a wider role in resilience planning. A health emergency can affect far more than medical costs; it can influence occupancy, revenue, staffing, supply chains, events and operational continuity.
Solarelle's involvement in bringing the solution to the domestic market therefore reflects an expansion of the insurer's role from covering established classes of risk towards helping businesses consider emerging and systemic exposures.
The Most Innovative Insurance Product (Pandemic and Epidemic Risk Solution) Maldives 2026 award recognises Solarelle's contribution to the initiative and the relevance of developing insurance solutions around risks that can have significant consequences for businesses and the wider economy.
Building on the First Decade
Taken together, the three Global Banking & Finance Review Awards recognise different aspects of Solarelle Insurance's development.
The Best General Insurance Company Maldives 2026 award reflects its broader general insurance capabilities and position in the domestic market.
The Decade of Excellence - General Insurance Maldives 2026 award recognises ten years of development since the company was established in 2016.
And the Most Innovative Insurance Product (Pandemic and Epidemic Risk Solution) Maldives 2026 award highlights Solarelle's role in introducing a new form of protection addressing one of the most consequential emerging risks for a tourism-dependent economy.
As the insurance sector continues to evolve, Solarelle's next phase will be shaped by many of the same forces transforming insurance internationally: digitalisation, changing customer expectations, new categories of risk and increasing demand for financial resilience.
Its first decade established the foundations of the business. The challenge for the next will be to continue developing insurance solutions that respond to how risks facing individuals, businesses and the Maldivian economy are changing.
About Solarelle Insurance Pvt Ltd
Established in April 2016, Solarelle Insurance Pvt Ltd is a Maldivian general insurance company providing insurance solutions to individuals and businesses across the Maldives.
The company's portfolio includes motor, travel, health, property, fire, marine, cargo, engineering, liability, bond and group personal accident insurance alongside a range of specialty-line solutions.
Solarelle also works with international reinsurance partners as part of its approach to underwriting capacity, risk diversification and financial resilience.
About Global Banking & Finance Review Awards
The Global Banking & Finance Review Awards programme was established to recognise excellence, innovation and outstanding achievement across the global financial services industry.
Each year, the awards recognise institutions demonstrating leadership across banking, insurance, investment, fintech, wealth management, digital transformation, customer experience and other areas of financial services.
Award recipients are selected through an evaluation process considering qualitative and quantitative factors including innovation, business performance, customer focus, industry reputation and contributions to the continued development of financial services.
About Global Banking & Finance Review
Global Banking & Finance Review is an international financial publication providing coverage of banking, finance, insurance, wealth management, capital markets, fintech and global business.
Through its digital platform and international readership, the publication delivers financial news, analysis and thought leadership to financial professionals, institutional investors, business leaders and policymakers worldwide.
The publication's annual awards programme recognises organisations demonstrating excellence, innovation and leadership while contributing to the continued advancement of the global financial services industry.
