MANILA, Philippines - Standard Insurance Co. Inc. (Standard Insurance), one of the leading motorcar and industrial fire insurer in the country, has renewed its domestic peso currency claims paying ability rating of BBB+ (triple B plus).
The non-life insurance company also maintained its US dollar-denominated issuer credit rating of B+ (single B plus), a notch lower than the Philippine sovereign rating of BB- (double B minus).
Both of these ratings were provided by Global Credit Rating Co. (GCR), a credit rating agency operating across four continents and partly owned by DEG/KFW, an AAA (triple A) rated banking group of the German government.
Aside from maintaining its multi-site ISO 9001:2008 certification for quality management systems from SGS, Standard Insurance also renewed its superior reinsurance facilities led by Lloyds of London, internationally rated A+ (single A plus).
Lloyds rated the property insurance at a P1.5-billion cover for any single and catastrophe risk, and for auto insurance at a P1.7-billion cover for catastrophe or acts of God (AOG) risk.
On the other hand, the property reinsurance is complemented by an additional P1-billion facultative reinsurance from GenRe, internationally rated AA (double A).
Patricia Echauz-Chilip, Sandard Insurance president, said “these reinsurance covers worked very well for us in typhoon ‘Ondoy’ and we expect them to do the same for the coming devastating ones.”
Standard Insurance, a cooperative partner of Zurich Insurance Company Ltd, recently increased its paid-up capital to P800 million.