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GCR Rates Insurance Companies in Kenya with a Stable Outlook

Vincent Wangu by Vincent Wangu
July 10, 2023
in News
Reading Time: 1 min read
Courtesy of nation.africa.com

Courtesy of nation.africa.com

The Global Credit Rating (GCR) Company Limited has rated a number of insurance companies in Kenya, noting that all of them have a stable credit outlook.

Read more: Insurance Penetration In Kenya Remains Low At 2PC

A credit rating is the credit evaluation of an individual, organization, or government by measuring its ability to repay its debts in the short-term (Below one year) and long-term (Above one Year). A high credit rating is an indication that a company is very likely to repay its debt obligations without facing any difficulty.

Read more: Micro-Insurance Industry in Kenya

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Among the companies under review, ICEA Lion Insurance Holding and ICEA Lion General Insurance Company Limited had the highest credit score among the sampled insurance companies at AAA, with a stable outlook.

Read more: Insurance Companies Continue To Showcase Resilience

Other companies that were under review include East Africa Reinsurance Company Limited and Kenya Reinsurance Corporation Limited (Kenya Re), with both companies having a credit score of AA+, while Jubilee Insurance, Mayfair Insurance, and CIC Life Insurance have credit scores of AA-, A+, and BBB, respectively.

Read more: Kenya Reinsurance Corporation Announces Kshs 3.6 billion Net Profit

The GCR credit score ranges between AAA (the highest credit score) and CCC (the lowest credit score) on an International scale. Additionally, it uses modifiers such as + and – to compare the score within the country of residence of the company.

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