Standard Insurance keeps investment grade

MANILA, Philippines - Standard Insurance Co. Inc. has renewed its investment grade rating to A- (single A minus) for its claims paying ability, an upgrade from its previous rating of BBB+ (triple B+). 

A highly capitalized non-life insurer and a cooperative partner of Zurich Insurance Co. 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. 

The latest 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). 

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). 

Standard president Patricia Echauz-Chilip said the rating upgrade reflects the company’s improved performance in the recent year, saying “we remain committed to its strategy of underwriting discipline and sustainable profitability for its traditional lines of business.” 

Echauz-Chilip said they continually modernizing their system in order to deliver faster better service with the recent improvements of their web-based insurance system as well as a claims process that aims to deliver 24 hours turnaround time. 

Standard Insurance has 43 computerized and full service branches, with underwriting and claims handling capabilities, more than 250 car dealer tie-ups, technical operations for determining repair estimates, and a call-center.

The technical operations are supported by more than a hundred specialized mechanics and engineers deployed all over the country, with expertise in motor car repairs, and a computerized parts database for all models of popular brand vehicles.

Its repairs, with the quickest turnaround time in the industry, are almost exclusively referred to its dealer tie-ups. 

Based on official data from the Insurance Commission, it ranked seventh in terms of premiums earned, 11th in terms of assets, and 16th in terms of net earnings in 2011.