For the 2023/2024 year, NNAC has an ‘A’ rating for claims-paying ability, with a stable outlook, according to Global Credit Ratings (GCR). This represents the 12th consecutive year that we have attained an ‘A’ rating.
According to the GCR report, its review was based on a comprehensive review of NNAC’s performance metrics including our liquidity, capitalisation, earnings and business profile.
In response Managing Director Kalim Rajab said: As we continue to operate under the shadow of the coronavirus pandemic with its effect on all South Africans, from all walks of life, I believe the rating highlights the work my team has done under difficult circumstances in making sure our fundamentals have held up. It give me confidence that we are now in a position to start looking to the future with some confidence. I believe it also underscores our credentials as the largest black-owned short-term insurer in South Africa. At the end of the day, a company with high claims paying ability and above average protection factors in place stands a much better chance of protecting policyholders.
NNAC writes all major classes of short term insurance risk, focusing on retail, corporate, commercial, engineering and marine activity.