1. Could you share a bit about your background and journey leading up to the founding of Dhivehi Insurance and how you overcame early challenges, especially in building a locally led team?

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I started my career in insurance more than 30 years ago at Allied Insurance Company of the Maldives. Over the years, I steadily advanced within the company and ultimately served as Managing Director for six years. During this time, I also became the first Chartered Insurer in the Maldives, which further deepened my passion and commitment to the industry. 

Throughout my career, I observed a recurring pattern. Often, foreign officials were in key roles within the Maldivian insurance sector. I always questioned why local talent was not nurtured and developed to lead the field instead. Those thoughts laid the first stone in a greater vision: establishing a homegrown insurance company built and led by Maldivians. In 2016, with the inception of Dhivehi Insurance, that vision became a reality.

As with any new venture, the early years came with hurdles. We had to gain clients' trust and loyalty while navigating complex regulatory requirements. More importantly, we had to address the shortage of skilled local insurance professionals. But despite it all, we remained committed to our core belief: that Maldivians could lead and grow a competitive, high performing successful insurance company.

Today, I am proud to say that Dhivehi Insurance reflects the vision in action as a company led by a capable team of local professionals, grounded in local insight, and committed to delivering quality solutions tailored to the needs of our market.

2. What inspired Dhivehi Insurance to specialise in bonds, and how did the idea to introduce insurance bonds to the Maldivian market first take shape?

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From the very beginning, Dhivehi Insurance set out to redefine what insurance could offer. While standard offerings filled the market, I saw the opportunity to tap into a niche segment that addressed critical, unmet needs in sectors driving national growth, particularly construction and infrastructure.

As I interacted with contractors and industry stakeholders, I recognised a very clear pattern emerging: many contractors struggled to participate in new tenders as their working capital was locked up in bank guarantees. With traditional banking as the only instrument available, this posed a major barrier, especially for SMEs striving to grow in the increasingly competitive landscape.

This is what sparked my inspiration to introduce financial insurance products, specifically surety bonds. Our goal was to offer insurance-backed financial instruments that would support businesses without restricting their liquidity. We started by introducing bid securities, performance guarantees, advance payment guarantees, and retention money guarantees.

As we gained momentum, we also broadened our offerings, most recently from credit insurance and payment guarantees that supported material procurement to deposit guarantees. Along the way, we came to a key realisation: every stage of the tender and project cycle revealed its coverage gap. Each gap was an opportunity to craft insurance solutions that not only met regulatory demands but actively enabled businesses to grow. This strategic move into specialized bonding solutions has now become one of our core strengths and a key differentiator in the Maldivian insurance landscape.

3. What are the main challenges you face in underwriting surety bonds in the Maldives, and how do you address legal gaps like the lack of building codes or standardised contracts?

Underwriting surety bonds in the Maldives presented numerous challenges, especially in the initial phase, as many employers were unfamiliar with the concept. We tackled the issue by partnering with Maldives National Association of Construction Industry (MNACI) and the Contractor's Association, which helped raise awareness and foster trust. Assessing contractors was also difficult due to inadequate financial record-keeping and the absence of a credit database. We depended on industry referrals and created our internal assessment methods. Securing reinsurance support was another challenge. The international reinsurers were quite understandably cautious about a market with limited performance data. 

As for the legal gaps, we introduced counter-indemnity agreements and collateral requirements. We also collaborated with industry stakeholders to align contracts with FIDIC standards, receiving robust support from MNACI. However, thorough underwriting and partnership have established a solid foundation for surety bond solutions in the Maldives.

4. As the leading figure in the evolution of insurance in the Maldives, what message would you give to the next generation entrusted with taking this industry to new heights?

There is so much more than meets the eye in the insurance industry. Your passion can lie in sales, underwriting, finance, marketing, or legal, and there would be room to grow, specialise, and make a meaningful impact. With commitment and curiosity, anyone can become an insurance expert.

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Here at Dhivehi Insurance, we have heavily invested in our team's training and upskilling because we believe in the long-term value, professionalism, and potential of this industry. Insurance is no longer about forms and policies; it is a dynamic, forward-looking field that plays a vital role in national development. As the global economy embraces digitalisation, Insurtech, AI, and data-driven platforms are reshaping how we work, too. I encourage the next generation to embrace these changes and evolve along with them. Be tech-savvy, customer-focused, and purpose-driven. The future of insurance in the Maldives will belong to those who combine local insight with a global vision. 

As someone who has witnessed this industry's transformation firsthand, I hope to see the next wave of professionals carry it even further with integrity, innovation, and a deep commitment to serving our nation.