05 April, New Delhi
TATA AIG General Insurance Company Limited, one of India’s leading private sector General Insurance Company has been conferred the ‘iAAA’ rating (pronounced as I triple A) for their Claims Paying Ability by the rating agency ICRA.
The ‘iAAA’ rating is the highest for claims paying ability for an insurance company in the industry. The ratings indicate TATA AIG’s fundamentally strong position in the market and that the prospect of meeting policyholder obligations is best.
The rating takes into account the parentage of TATA AIG as well as, the strong commitment of both the partners – the Tata Sons Ltd and AIG.
The rating factors in, TATA AIG’s strong presence in niche segment like travel, liability and marine cargo insurance.
Moreover, the company has also established moderate underwriting profitability indicators, reinsurance and product development and higher share of commercial business in the product mix.
“It’s a great honor to receive the ‘iAAA’ rating for our claims settlement process, from ICRA. ‘iAAA’ being the highest industry rating for claims paying ability for an insurance company, signifies our company’s strong commitment, to our partners and customers,” said MD and CEO Tata AIG General Insurance Company Ltd., Neelesh Garg.