The Pakistan Credit Rating Agency (Pacra) has maintained Insurer Financial Strength rating of Shaheen Insurance Company Limited (SIC) at 'A-' (Single A Minus). The rating denotes strong capacity to meet policyholder and contract obligations.
At the same time, risk factors are moderate, and the impact of adverse and economic factors is expected to be modest. The rating reflects the sustained improvement in the underwriting performance of SIC mainly emanating from a declining loss trend, though still high compared to peers.
At the same time, the rating recognises the company's improving solvency position. The management, being cognisant of the importance of the information and risk management systems, has lately concentrated on strengthening these systems as against pursuing volume expansion. This is expected to improve the quality of underwriting and help in prudent business growth.-PR
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