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The classification of insurance companies strengthens their position in the market
28/5/2018 12:00 am [rtl] Started since 2016 to get it globally Baghdad / Mustafa al - Hashemi is the credit rating of the Iraqi insurance companies a new topic in the local insurance sector, where the government insurers proactive in this area and since 2016 have been contacted company of any AM Best (AM Best), one of the companies rating (American), which is one of the oldest companies in this field, because the acquisition of these companies a good rating - according to specialist - will enhance its position in the Iraqi insurance market, while strengthening the value of its position and negotiating with international reinsurers. Private companies Said that "the good classification will be one of the tools of marketing and win customers, and the degree of good rating is reassuring to the current insured on the The financial status of insurance companies and their ability to pay compensation claims, and encourages potential insurance claimants to make insurance with them. " Iraq has received the first credit rating in its history in 2015, and the classification of "B" - issued by the rating agency Standard & Poor's (S & P), and some have considered this degree of classification with satisfaction, despite the circumstances experienced by Iraq, and the continuation The government's efforts to control the state budget, and the state does not stop paying its debts. The credit rating of the country is taken into consideration when classifying insurance companies, in addition to other factors such as management eligibility, corporate financial statements and other classification criteria followed by rating companies. Developed markets , Kamal said that "classification became labor supplies in developed markets and even in some Arab insurance markets as (Egypt, Bahrain, the United Arab Emirates, Saudi Arabia), higher A taxonomy carries with it reassuring to the public insured letter confirming the financial and credit company solvency Insurance". He added , "Therefore, some insurance companies resort to get a grade rating from two specialized door is not Flaunt but to a different degree of classification between them and the criteria used to estimate the classification, and the impact on the position of the insured. Audience rating Kamal said that "the credit rating of insurance companies will not affect the increase in demand for insurance because the vast majority of buyers of insurance protection in Iraq does not attach importance to the subject of classification, being absent in the decision to buy insurance," but this may change due to slow developments In the culture of insurance and personal and institutional investment and the entry of foreign entities to the stock market and banks. He pointed out that "the foreign oil companies operating in the country know that the Iraqi insurance companies that deal with them do not have a credit classification, but ask and investigate the degree of classification reinsurers insurance companies of Iraq," stressing that "such a position can spread from the door of infection tradition, or The level of sophistication and sophistication among insurance applicants from the Iraqi departments and companies - the introduction of modern concepts in the decision-making process that have financial implications. Kamal stressed that the tendency of the state and private insurance companies to obtain a credit rating is worthy of support as one of the expected effects is to alert these companies to their weaknesses and work to get rid of it, helping good companies to raise their level "likely" Iraq does not have sufficient financial resources to spend on the purchase of the rating, and therefore it will remain unclassified and lose its position in the domestic insurance market. " Regarding international reinsurance, Kamal explained that" international reinsurance companies prefer to deal with companies with good ratings, Companies can not afford RIP to collapse and bankruptcy easily as the rating company to estimate the function of financial solvency of insurance companies (their ability to pay compensation). " "It is not known if all Iraqi insurance companies are asking for the degree of classification of the insurance companies that provide them with protection, but I assume that the international insurance brokers of the Iraqi insurance companies are doing the job of ascertaining the acceptable rating of the reinsurance company."[/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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