The Global Credit Rating Agency (GCR) of South Africa has again upgraded Enterprise Insurance LTD’s (EIC) credit rating from AA+ to AAA effective, June 2022.
The upgrade of EIC’s rating reflects consistent good Corporate Governance practices, Business Growth, and sustained strength in Underwriting Capabilities. This has led to an improvement in capitalization as well as how quickly EIC fulfills its Claims Payment obligation. These attributes and more qualify Enterprise Insurance to have been rated on the highest scale of GCR, AAA.
The role of an independent Rating Agency in assessing the financial strength of an Insurer cannot be over emphasized due to its positive relationship with Liquidity and Financial Strength. An Insurance company’s Claim Paying Ability is critical to its very survival, as such the need for an independent assessment by a credible institution.
GCR traces its origins back to 1996 when it was established as the African arm of the New York Stock Exchange-listed Duff & Phelps and based in South Africa.
In South Africa, GCR is registered as a Credit Rating Services Provider by the Financial Services Conduct Authority. GCR is also recognized as an eligible External Credit Assessment Institution (ECAI) by the South African Reserve Bank. GCR is a founding member of Europe based ARC Ratings, which is registered with the European Securities and Markets Authority
For the past 15 years, Enterprise Insurance has been independently rated by GCR with the latest rating being an upgrade from the AA+ to AAA category. This means that we have a “very high claims paying ability”. For our clients this simply means we have the financial strength and ability to ensure that all valid claims are paid promptly.
Our Same Day Claim Payment Service which was instituted in 2018 is a testimony of EIC’s strength in claims payment. Since its establishment, approximately 8,500 customers who lodged their minor motor claims have been paid within an average waiting time of 30 minutes on the very same day. The service is available in our branches in Accra and Kumasi.
We are indeed grateful to our Customers, Shareholders, Staff and Partners (Brokers, Agents & other Corporate Institutions). We say a BIG thank you for your continuous support and business. We look forward to better and exciting times ahead.
About Enterprise Insurance
Enterprise Insurance is the oldest General Insurance Company in Ghana and has been in operation since 1924. The company takes its roots from the Royal Exchange Assurance Corporation of the United Kingdom, which commenced business in the Gold Coast in 1924, then became Guardian Royal Exchange Assurance Ghana Limited, (GREG) and subsequently, Enterprise Insurance Company Limited. It is a subsidiary of Enterprise Group PLC.
EIC’s performance has been recognized by various reputable institutions and awarded accordingly. Awards and recognitions in 2021 include the following:
- EIC was retained in the CIMG Hall of Fame Category making it the only independently rated General Insurance Company in the Hall of Fame.
- EIC was adjudged the General Insurance Company for the year 2020 at the Ghana Insurance Awards and the Ghana Business Awards respectively.
- EIC also won the Claim Initiative Award for the year 2020 by the Ghana Tax & Accountancy Awards
Enterprise Insurance is a leading Insurer in Fire, Marine, Motor, General Accident and Special Risk Insurance solutions.
