BIBA partners with Litmus to demystify financial strength ratings
The British Insurance Brokers’ Association (BIBA) and Litmus Analysis have launched an initiative to help insurance brokers better understand and use insurance company ratings.
The joint publication, which also covers the use of unrated carriers, called ‘Monitoring insurer financial strength: considerations for brokers’ builds on educational material linked to the BIBA Litmus Test Report tool which helps members understand the financial strength of unrated insurance carriers, and explains how ratings work and how to delve into what a rating might mean in terms of the financial security of an insurer.
Steve White, BIBA CEO said: “The BIBA Litmus Test Report on unrated insurers is one of the most popular tools on our website. Our members often asked how we could assist in the understanding of assigned financial ratings by the major agencies and this new publication demystifies insurer credit ratings and will add confidence to brokers’ choice of insurer.”
Stuart Shipperlee, senior partner, Litmus Analysis added: “This is a highly specialised subject which we have addressed using our decades of experience working in the major rating agencies. We hope the 13 sections will give BIBA members a good grounding however, we are always happy to work with any broker to help them delve deeper into the complex topic of insurer ratings specifically and carrier financial strength more generally.”
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