MANILA, Philippines - Standard Insurance Co., Inc., the leading motorcar insurer in the country, has successfully renewed its investment grade rating to A- (A minus) for its claims paying ability, an upgrade from its previous rating of BBB+ (triple B+).
This rating was accorded by Global Credit Rating Co. (GCR), a highly reputable rating agency operating across four continents and is significantly owned by DEG/KFW, a banking group of the German Government with a rating of AAA (triple A).
Standard Insurance president Patricia Echauz-Chilip disclosed that the rating upgrade reflects the company’s improved performance in the recent year. Last year, the company posted insurance premium revenues of P2.6 billion with a P101 million net income and total assets of P3.3 billion with an equity of P1 billion.
“Standard Insurance remains committed to its strategy of underwriting discipline and sustainable profitability for its traditional lines of business. We are constantly innovating our systems in order to deliver faster and better service. Recent improvements include a web-based insurance system as well as a claims process that aims to deliver 24 hours turnaround time,” Echauz-Chilip said.
Also a leading industrial fire insurer, Standard Insurance has one of the highest capacities in its reinsurance facilities placed with international reinsurers, including catastrophe covers, for all of its lines of business, with the property reinsurance being led by Munich Re, rated AA+ (double A plus).
A highly capitalized non-life insurer and a cooperative partner of Zurich Insurance Company Ltd, Standard Insurance has also maintained its ISO certification issued by SGS since 1998, and has upgraded this to a multi-site ISO 9001:2008 certification for quality management systems.