Standard Insurance upgrades global credit mark
Motorcar insurer Standard Insurance Co. has upgraded its nationalscale claims-paying ability rating to A (PH), with an outlook of stable, 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, Standard Insurance has also improved its international scale rating of BB with a stable outlook for US dollar-denominated claims paying ability.
In a credit rating released last month, the GCR cited Standard Insurance for its strong and improving capitalization and superior reinsurance facilities from some of the world’s best, highest-rated insurers that protect its motor and property portfolios from catastrophes and large single loss events.
The rationale behind Standard Insurance rating was anchored on its strength in terms of high levels of liquidity, consistently strong competitive positioning and a proven track record of sustaining motorcar insurance leadership, innovation and profitability.
October last year, the non-life insurance company was named Best General Insurance Company in the Philippines for 2016 by World Finance magazine of the United Kingdom. Standard Insurance received the same award in 2013 and 2014.
Standard Insurance was also cited after being recognized globally for its excellence in insurance services and innovations, and in meeting the growing demands of the insurance industry.
According to World Finance, “Insurers have been faced with gamechanging disruptions this year as non-traditional operating models take hold. The World Finance Global Insurance Awards celebrate those players embracing the challenges. Now as ever, the standout performers are the most willing to embrace change.”
World Finance magazine, The Voice of the Market, a leading print and online financial magazine in London, has established a global reputation for journalistic excellence and the World Finance Awards are recognized in the financial press as the benchmark of achievement and innovation in a variety of fields, globally.
For her part, Standard Insurance chairman Patricia Echauz-Chilip assured their clients that they will constantly improve their operation, innovate their systems and reinforce their insurance “in order to service our clients as efficiently as possible.”
“We also have reciprocal partnerships with our car dealer tie-ups so we can respond to motor claims on a nationwide scale. We maintain the highest paid-up capitalization at R1 billion as well as keep A-rated reinsurers in order to respond quickly to large property claims such as Steelcorp, or large natural catastrophe claims like Typhoon Ondoy and Yolanda," she added.