Shikhar Insurance earns 'AA-' credit rating from ICRA Nepal

KATHMANDU, MAY 23: Shikhar Insurance has received a ‘AA-’ credit rating from ICRA Nepal. According to the company, it is the only non-government and non-foreign-invested company in Nepal to attain such a higher credit rating.

In Nepal, only two state-owned institutions and three foreign-invested banks have secured a rating of AA- or above, placing Shikhar Insurance in an exclusive category of highly rated financial institutions.

The company claims to lead Nepal’s insurance industry in catastrophe reinsurance and advanced risk management. It has arranged the highest amount and value of catastrophe reinsurance coverage among non-life insurers in the country.

With the backing of global reinsurers such as Hanover Re and Swiss Re, Shikhar Insurance has successfully processed claims related to earthquakes, floods, and other disasters with remarkable speed.

The company also states that, in the past, it has consistently demonstrated its reliability by swiftly settling claims for earthquakes, floods, landslides, and riots, thereby establishing itself as a top-tier non-life insurer in Nepal.

Shikhar Insurance is also the first and only non-life insurance company in Nepal to receive the ISO 27001 Information Security Management System certification, reflecting its adherence to international standards in information security.

Additionally, the company maintains a strong solvency ratio of 3.67 in line with risk-based capital requirements.