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 $5,421,031. This is the difference after our minimum solvency capital of $4,455,549 is subtracted from our actual solvency capital of $9,876,580 (February 2022). This means we have a solvency ratio of 221% 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+ (Good). 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.
What our financial strength means for you
Our B+ (Good) 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.