GCR once again recognizes Compass’ claims paying ability
Compass Insurance, a specialist insurer locally, has been independently rated by internationally based Global Credit Ratings (GCR) and received a reaffirmation of its A+ rating for the company’s claims paying ability. The GCR - through its International Ratings Group affiliates - assesses up to a 1000 organisations across four major continents and currently holds an 83% market share for rating insurance claims paying ability with unrivalled levels of accuracy for ratings in emerging markets.
“As the only rating agency in Africa with accreditation in all of the markets that it operates in, GCR has a key role to play in assessing the quality and credibility of financial service providers across several industries, including that of insurance, assurance and reinsurance. This rating is therefore one we hold in high regard within our industry as it reiterates our commitment to a proficient claims management process. Furthermore, this achievement showcases our ability to pay claims which is integral to the business in which we operate,” says Angela Mhlanga, Managing Director at Compass Insurance.
According to Melanie Brown, Managing Director for GCR, “Compass Insurance has undergone a significant transformation in the past ten years and although a higher level of operational risk is associated with this type of “outsourcing” business model, GCR recognises that Compass Insurance has one of the most stable and entrenched underwriting management agency (UMA) based models in the market. Considerable comfort is also derived from its shareholder, Hannover Reinsurance Africa Ltd., who provides significant solvency/reinsurance support. Compass Insurance has reported stable capitalisation levels over the review period with its capital position augmented by support from Hannover Reinsurance Africa Ltd and its conservative investment portfolio, which also supports high levels of liquidity”.
“This is certainly a prestigious achievement and we at Compass Insurance are proud to be recognised for our continued commitment to claim payments,” concludes Mhlanga.