Credit rating body ICRA awarded Tata AIG General Insurance Company Limited, one of India's leading private sector General Insurance Company, with 'iAAA' rating for its claims paying ability.
The 'iAAA' rating is the highest for claims paying ability for an insurance company in the industry. The ratings indicate the company's fundamentally strong position in the market and that its prospect of meeting policyholder obligations is the best.
The rating takes into account the parentage of Tata AIG in addition to the strong commitment of both the partners - the Tata Sons Ltd and AIG. The rating is also owing to 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 Neelesh Garg, MD and CEO, Tata AIG General Insurance Company Limited.
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