Dhipaya keeps its AM Best ratings, gains a Thai benchmark

AM Best affirmed Dhipaya Insurance Public Company Limited's A- (Excellent) financial strength rating. The long-term issuer credit rating, 'a-' (Excellent), was affirmed alongside it. Both actions were taken Aug. 20, and the agency also assigned a national scale rating. The national scale rating is the new element.

A national scale rating ranks credit risk inside Thailand rather than on the global scale where the A- sits. Domestic bondholders and local supervisors get a finer comparison among Thai insurers — the sort of input capital rules can use when setting relative charges or limits. The AM Best release, as published, does not say what the national scale rating is, only that one was assigned.

Dhipaya carries the same ratings as before, so nothing about its assessed capital strength moved. The measuring stick is new: the insurer now has both a cross-border rating and a domestic one, and local users may reach for the domestic reading first.

The same day, AM Best shifted EquiTrust's outlook to stable and ELCO Mutual Life's to positive. Both were direction changes. Dhipaya's action is a hold, with the domestic scale rating added alongside.