Allied at 40: Four Decades of Protecting Maldivian Futures

As the Maldivian society, economy, and business sector grew, so did the need for a trusted institution to ensure financial security against various risks. Recognising this, the State Trading Organization (STO) partnered with British Commercial Union Assurance in 1985 to establish Allied Insurance Company of the Maldives.

In 1987, STO acquired the British company’s stake, making Allied Insurance a fully Maldivian-owned company. As the first insurance provider in the Maldives, Allied has remained committed to safeguarding the financial well-being of individuals and businesses for four decades.

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The year 2025 marks the 40th anniversary of Allied Insurance. Over this period, the company has introduced innovative solutions, tailored packages, and cutting-edge services to adapt to changing times, earning the trust of its clients while mitigating the financial impact of unforeseen events.

One of Allied’s earliest major claims dates back to 1988 when mercenaries on November 3 hijacked the Progress Light vessel. The company provided coverage for the loss of cargo, marking a pivotal moment in its history. Similarly, in the aftermath of the devastating 2004 tsunami, Allied disbursed approximately USD 22 million in insurance claims to assist affected parties.

Allied has also been a trailblazer in health insurance, becoming the first to offer coverage for healthcare services in the Maldives. In 2003, it introduced health insurance services in the country. By 2007, Allied began offering cashless healthcare services at Indira Gandhi Memorial Hospital (IGMH) and ADK Hospital, later expanding to outpatient services in 2009.

In 2012, Allied partnered with the government to establish the Aasandha Company to manage the national health insurance scheme. This partnership continued until 2015, when the government took full ownership of the scheme.

Further expanding its portfolio, Allied launched life insurance services in 2008 and introduced Sharia-compliant insurance services in 2014 with the launch of Ayadi Takaful. This was followed by the introduction of Family Takaful, a Sharia-compliant life insurance product, in 2016.

Innovation has been at the heart of Allied’s journey. The launch of a mobile app in 2016 and a customer portal, My Allied, in 2018, made its services more accessible and convenient for clients.

Allied’s 40-year journey is a testament to its dedication to protecting the financial stability of the Maldivian people. As a trusted partner, Allied Insurance remains committed to being a shield against financial uncertainties, embodying its role as a pillar of trust and security for generations to come.

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