General Insurance India ratings off negative watch
AM Best has removed the ratings of General Insurance Corporation of India (GIC) from negative and revised them to stable.
The ratings agency also affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of a- for GIC.
AM Best said the ratings reflected its revision of India’s Country Risk Tier and GIC’s superior risk-adjusted capitalisation.
The ratings agency has revised the Country Risk Tier of India to Tier III from Tier IV.
It said the revision indicates its opinion that the impact of country-specific risk factors, which might negatively affect GIC’s financial strength and ability to meet its financial obligations, has been lowered.