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Oakhurst’s global credit rating upgraded despite challenging economic times

28 November 2019 Oakhurst Insurance Company Limited

GCR Ratings (“GCR”) has revised Oakhurst Insurance Company Limited’s (“Oakhurst”) national scale financial strength (formerly claims ability) rating to A(ZA) from A-(ZA), with the outlook accorded as Stable.

Oakhurst’s national scale financial strength rating reflects a moderately strong financial profile, which is counterbalanced by a limited business profile.

Oakhurst’s liquidity is strong, as evidenced by stressed financial asset coverage of net technical liabilities of 4.3x (FY18: 3.3x)

Outlook Statement
The stable outlook reflects expectations of stable capitalisation and liquidity strength, while factoring in potential for underwriting profitability to remain at similar levels over the outlook horizon.

Rating triggers
Positive rating action may stem from an enhanced business profile while all other credit protection metrics remain within moderately strong ranges.


“The rating increase is testimony of Oakhurst’s resilience in a very competitive market. This stems from our tenacious, focussed and disciplined approach in establishing long lasting relationships with our business partners and clients. It confirms our strong foundations from which we launch into the future, really caring and delivering on providing soft landings in tough economic times when our clients and partners need it most” comments Simon Phage CEO of Oakhurst Insurance.

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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