Financial Strength Rating | Solvency | Industry Best Practice
Last updated: October 2023
Our Strength Rating and Solvency Margin measure our financial strength. The information below, provides Members with transparency and the peace of mind of knowing UniMed is financially secure.
UniMed has an A (Excellent) Strength Rating, and Solvency Margin of 483%.
UniMed Financial Strength Rating: A (Excellent)
The Insurance (Prudential Supervision) Act 2010 requires all New Zealand health insurers to be given a Financial Strength Rating.
AM Best has assessed Union Medical Benefits Society Limited (UniMed) as having an A (Excellent) Financial Strength Rating.
The Rating reflects UniMed’s balance sheet strength, which AM Best assesses as very strong, as well as UniMed’s strong operating performance, limited business profile and appropriate enterprise risk management.
Financial Strength Ratings Scale
For information about the Rating Scale, Category Definitions, and Rating Disclosure, see the AM Best Ratings Guide
Learn more about AM Best:
|E||Under Regulatory Supervision|
A condition of being a licensed insurer is that UniMed is subject to the solvency margin requirements of the Solvency Standard for non-life insurance businesses, as issued by the Reserve Bank of New Zealand (RBNZ).
UniMed complies with all externally imposed capital requirements.
UniMed Solvency as at 30 June 2023
|Actual Solvency Capital||$155,230,660|
|Minimum Solvency Capital||$ 32,123,695|
Solvency Coverage Ratio: 483%
(Solvency Coverage Ratio is calculated by the Actual Solvency Capital, divided by the Minimum Solvency Capital required.)
Actual Solvency Capital = amount of capital actually held for solvency purposes.
Minimum Solvency Capital = the minimum amount of capital required to be held for solvency purposes.
‘Solvency standards set out a common method for insurers to measure their risks and ensure they have at least a minimum level of available capital to absorb losses before policyholders are affected.’ (Source: RBNZ ‘Standards and requirements for insurers’)
For more information about Solvency standards, see the RBNZ website.
Industry Best Practice
Acting responsibly on behalf of our Members, includes following industry best practice standards and complying with Codes of conduct.
Insurance and Financial Services Ombudsman
UniMed is a participant in the Insurance & Financial Services Ombudsman (IFSO) Scheme: a free, independent service which helps resolve disputes between financial service providers and their customers.
As a Member of UniMed, if you aren’t happy with a decision we have made about your policy, please see our Complaint Process
If you aren’t happy at the end of the Complaint Process, you can contact the IFSO to request an independent review, at no cost to you.
Learn more about/contact the IFSO:
Financial Services Council
UniMed is a member of the Financial Services Council NZ (FSC) - a non-profit member organisation which promotes best practice and integrity in the financial services industry.
As a member of the FSC, UniMed adheres to the FSC Code of Conduct. This Code promotes good conduct, a strong customer-focused culture, and follows the standards and guidance of the FSC.
If you have questions, please call UniMed: 0800 600 666.
(8am - 5pm, Monday - Friday) Or email: firstname.lastname@example.org