Allied Insurance’s capacity rises to USD 120 million

Managing Director of Allied Insurance, Ahmed Ameel has announced the insurance capacity of the company has gone up from USD 70 million to USD 120 million.

Ameel made the comment during his presentation at the function held by Allied Insurance on Sunday night to celebrate three-year anniversary of President Abdulla Yameen Abdul Gayoom’s administration.

During his presentation, Ameel said that the revenue earned by the company had gone up 69 percent over the past three years.

He said that insurance claims issued by Allied Insurance had also gone up from 26 percent to an average 30 percent per year.

Ameel noted the increase in insurance capacity of Allied Insurance, stressing that it was the most important achievement for an insurance company.

“This is the capacity provided by our reinsurance companies based on our business performance. As you know, the most important thing for an insurance company is its capacity,” said Ameel.

The Allied Insurance MD spoke about the new insurance plans introduced by the company over the past three years; bond insurance, health insurance policy, select gold and inbound travel insurance, as well as the performance of its Islamic insurance window - Ayady Takaful.

Allied produced a special cake during the function to celebrate the three-year anniversary of President Yameen’s administration; which was cut by Chairman of Allied Insurance – Mohamed Rasheed, Managing Director of Allied Insurance – Ameel, Managing Director of State Trading Organization – Ahmed Shaheer, and Chief Guest of the function – Minister of Economic Development Mohamed Saeed.