Kathmandu. Shikhar Insurance has received ‘AA’ rating from ICRA Nepal. The company has become the strongest and safest insurance company in Nepal.
Among the companies other than those with government investment and foreign investment, it is the only company to get a ‘AA’ rating or higher credit rating. In Nepal, only two government-owned bodies and three banks with foreign investment have received a rating of ‘AA’ or higher. During the rating, the following strengths of the company have been analyzed from ICRA Nepal.
According to the company, Shikhar Insurance has provided the highest amount of money and the highest amount of disaster reinsurance among the insurance sector of Nepal. With the support of internationally leading reinsurance companies, Shikhar Insurance has been able to pay the claims of insurance claims including earthquake and flood at a fast pace due to the support of its reinsurers.
Even in the past, the company has proved itself as the best insurance company in nepal’s life insurance sector by paying the claims of earthquake, flood, landslide and rioting at a fast pace.
In addition, Shikhar Insurance is also the first and only non-life insurance company to receive an international quality certificate.
Excellent solvency ratio
Shikhar Insurance has been strengthening its financial position with an excellent solvency ratio of 3.67 even according to the risk-based capital arrangements issued by the Nepal Insurance Authority. Nepal Insurance Authority (NEA) has been maintaining its strong financial condition by increasing its paid-up capital through bonus shares instead of cash dividend even when the minimum paid-up capital of Rs 250 crore issued by the Insurance Authority has been maintained.
market share
Shikhar Insurance has been able to capture the highest market share in nepal’s non-life insurance sector continuously for the last 10 years. Shikhar Insurance has been able to maintain its market share even when other insurance companies have merged with each other.
Along with the experienced management aspect of the company, the company has been strengthening its risk management.
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