The Royal Insurance Corporation of Bhutan Limited (RICBL) has been rated B+ in financial strength and BBB- in issuing the credit. The rating was given by the A.M Best, which is the world’s oldest and most authoritative insurance rating agency in the world.
The Chief Executive Officer of the Company, Namgyal Lhendup, said that it was important for a company to get rating while doing business with the international insurance companies. “In the absence of rating, we are not able to get the business. As a result we felt that it is important for us to have rating, have us rated and once we are rated by the A.M Best, we wouldn’t have to go out marketing, business comes to us,” CEO added.
The Company can be given the rating on the ground of evaluation of company’s balance sheet strength, operating performance and business profile. “Basically we are rated on the strength of our balance sheet, our investment opportunities and they also look at our operating performance. How we are performing in terms of man power, our HRM, our professionalism of the company. They also look at our staffing pattern,” said the CEO.
There are around 3500 companies around the world rated by the A.M Best, he said.
The RICB was established in January 1975 under the Royal Charter of the Fourth Druk Gyalpo.
