AM Best Company, a global credit rating agency, has revised the outlook of Dhipaya Insurance Public Company Limited (TIP) from “negative” to “stable” and affirmed the Financial Strength Rating of “A-” (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent).
Although the insurance industry has been adversely affected by weakened macroeconomic conditions and operational challenges in the light of the COVID-19 pandemic, TIP has achieved a track record of outstanding performance with impressive growth of premiums and profits that has significantly outperformed the industry benchmarks.
“Dhipaya is the second largest non-life insurer in Thailand with a market share of approximately 9.9%, based on direct premium written in 2020. The company is viewed by AM Best to have a dominant position in several domestic segments, including for fire, industrial-all-risk and personal accident business. The company’s business profile also benefits from a level of shareholder support, including for business referrals and access to extensive country-wide distribution networks”
In addition to sustainable performance, the favourable credit rating revision has been underpinned by its solid risk-adjusted capitalisation and prudent enterprise risk management.
“The revision of the outlooks to stable reflects AM Best’s increased comfort level over the company’s ability to navigate the ongoing challenging operating environment driven by the COVID-19 pandemic”
Published : July 02, 2021