Samsung Fire & Marine Insurance receives highest credit ratingMadeinkoreablog
The nation’s top nonlife insurer Samsung Fire & Marine Insurance said Tuesday that it received the highest credit rating of A++ from A.M. Best, a global insurance rating agency, for the fifth consecutive year in 2015.
“The rating affirmations reflect Samsung Fire & Marine’s excellent risk-adjusted capitalization, strong operating performance and superior business profile,” A.M. Best said in a statement.
Local insurers are bracing for tougher regulations on their financial health in the coming years as Korea plans to adopt phase II of the International Financial Reporting Standards in 2020.
Given the circumstances, consumers should check whether their long-term insurance policies with contract period of 30 years or longer can be safe in line with the insurer’s financial health.
Samsung Fire & Marine’s high credit rating proves the company’s competitiveness in financial health, a company official said.
The company, which provides nonlife insurance services such as auto, fire, marine, health and retirement, said it also received top evaluations from Korean consumers.
Samsung Fire & Marine topped the National Customer Satisfaction Index in the nonlife sector for the 15th consecutive year in 2015. It also ranked No. 1 in the Korean Customer Satisfaction Index in nonlife sector for the 18th consecutive year.