KUALA LUMPUR, July 28 -- AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of ‘bbb+’ of Zhongyuan Agricultural Insurance Co Ltd (ZYIC) China remain unchanged.
This follows heavy rains that have flooded the province of Henan since July 19, according to the global credit rating agency, news publisher and data analytics provider specialising in the insurance industry, in a statement.
This extreme weather disaster, which has affected the central and northern part of the province most severely, has broken meteorological records that stood for the past few decades.
ZYIC is a professional agricultural insurer incorporated in Henan province. Its underwriting book contains over 60 per cent crop and livestock insurance, while other lines of business include motor, property, liability, accident and health.
Based on the latest information provided by ZYIC, AM Best sees no imminent pressure to the company’s credit fundamentals.
However, it is still too early to measure full extent of the damages and losses derived from this weather-related event as rescue work is still underway and claims reporting will take time.
AM Best will continue to monitor the development of the event and hold discussions with ZYIC’s management to assess the subsequent implications for its balance sheet strength and operating performance.
More details at www.ambest.com.
-- BERNAMA
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