Deciding if we’re the right health insurance provider for you means understanding how we’re doing financially. Our financial strength is measured by our solvency margin and strength rating.
Solvency margin is the amount of capital we have above the minimum level we have to hold under our solvency standard.
Our solvency margin is $5,534,073. This is the difference after our minimum solvency standard of $3,000,000 is subtracted from our actual solvency capital of $8,534,073 (August 2019). This means we have an impressive solvency ratio of 285% percent.
The Insurance (Prudential Supervision) Act 2010 requires all licensed insurers to have a current financial strength rating (FSR) provided by an approved rating agency. This rating indicates whether we can meet our financial obligations, such as pay your claims.
We use A.M. Best as a rating agency, who have rated our financial strength rating at B+ (stable outlook). This means, in their opinion, we have a good ability to meet our ongoing insurance obligations. For a more detailed breakdown of A.M. Best’s FSR, download their guide.
Our B+ (stable outlook) strength rating and large solvency margin mean we’re financially secure. You can have confidence in our ability to meet our financial obligations and pay your claims.