MANILA, Philippines – Leading motorcar insurer Standard Insurance has affirmed its investment grade rating to A- (single A minus) for its claims-paying ability, the latest rating accorded by Global Credit Rating Co. (GCR), a highly reputable rating agency operating across four continents.
A highly capitalized non-life insurer and a cooperative partner of Zurich Insurance Co. Ltd., Standard Insurance has also maintained its international scale rating of BB- (double B minus) with a stable outlook for US dollar- denominated claims paying ability.
The rationale behind Standard Insurance rating was anchored on its strengths in terms of capitalization, earnings capacity, and liquidity, according to GCR, significantly owned by DEG/KFW, a banking group of the German government with a rating of AAA (triple A).
Likewise, the international rating company highly rated the insurance company for supporting the levels of underwriting and market risks, and competitive position within the industry and reinsurance.
These factors are seen to remain strong as such over the rating horizon, thus earning a stable outlook for both the national and international investment grade ratings.
Recently, Standard Insurance, being backed by more than 350 car dealer tieups nationwide, has been also awarded as the best non-life insurance company in the Philippines by World Finance and by the Global Banking & Finance Review.
Both prestigious London-based publications cited Standard Insurance as the best in customer service and accorded it the highest rating for a Philippine non-life insurance company with an investment grade of A-.