What are Insurance Company Ratings?
Insurers with A rating is one that the credit agencies choose as having sturdy financial footing. A-rated insurers will honor the terms of your policy than the corporation with a lower grade.
What is an A rated insurer?
These are companies that are most likely to pay claims. Insurance companies are rated in a scale that ranges from AAA to C this gives customers a guideline of knowing the strength of an insurance company.
What agencies give these ratings?
Insurance companies get their financial strength ratings from insurance ratings organizations each of these organizations have their own way of determining the financial strength and the significance of each company. Rating agencies include Standard and Poor’s, Fitch, A.M. Best, and Moody’s.
Conclusion
An insurer with a rating of A+ is better and has a good creditworthiness compared to an insurer with a rating of A. One thing to note though is that even if an insurance company has a good strength rating other factors must be considered like customer service, product offerings, price and the overall customer satisfaction which should be taken into consideration alongside the credit ratings.
*Ace Commercial Insurance Center represent carriers with an A+ AM Best Rating.
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