A.M. Best Upgrades Credit Ratings of Dubai Insurance Company (PSC)
The rating upgrades reflect DIC’s consistently excellent technical performance, very strong risk-adjusted capitalisation and improving enterprise risk management (ERM). Partly offsetting rating factor are the company’s modest business profile in its domestic market and its concentrated investment profile weighted toward equities.
DIC has a track record of excellent technical performance. The company reported a technical profit of AED 23.9 million (
The company’s risk-adjusted capitalisation remained at a very strong level in 2016. Whilst DIC has a concentrated investment portfolio, with movements in the fair value of its equity holdings creating volatility in capital and surplus, the company maintains an adequate capital buffer to absorb these fluctuations. Prospective risk-adjusted capitalisation is expected to remain very strong, supported by good internal capital generation and controlled underwriting growth.
DIC’s approach to ERM has improved notably in recent years. The company has strengthened its identification and quantification of key risks and imposed greater controls to mitigate and reduce the potential impact on earnings and risk-adjusted capitalisation. DIC has a strong understanding of capital management and performs stress testing exercises to assess the impact of underwriting and investment risks on its balance sheet.
The company’s gross written premiums surpassed AED 400.0 million (
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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