Why is a good financial rating important?

The Insurance (Prudential Supervision) Act 2010 requires all New Zealand health insurers to be given a Financial Strength Rating (FSR).

AM Best has assessed Union Medical Benefits Society Limited (UniMed) as having an A (Excellent) Financial Strength Rating.  

AM Best's Financial Strength ratings are as follows:

Secure   Vulnerable
A++, A+ (Superior)      B, B- (Fair)
A, A- (Excellent)   C++, C+ (Marginal)
B++, B+ (Good)   C, C- (Weak)
    D (Poor)
    E (Under Regulatory Supervision)
    F (In Liquidation)
    S (Suspended)

RBNZ Licence

The Reserve Bank of New Zealand (RBNZ) has issued a licence to the UniMed to carry on non-life insurance business in New Zealand. 


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 RBNZ.  This standard requires UniMed to retain a solvency margin of greater than zero, meaning that the actual solvency capital position exceeds the minimum required under the standard.

UniMed complies with all externally imposed capital requirements.

As at  31 Dec 2016 30 Jun 2016 31 Dec 2015 30 Jun 2015
Actual solvency capital      $99,300,752      $98,404,324      $94,973,291     $91,046,011
Minimum solvency capital $18,850,367 $18,215,552 $18,118,497 $18,176,967
Solvency margin $80,450,385 $80,188,772 $76,854,794 $72,869,044
Solvency coverage ratio 527% 540% 524% 501%

The solvency ratio is the actual solvency capital divided by minimum solvency capital required.


Health Positive   Major Surgical   Hospital Select   Unicare Plus



Total value of claims paid since 1 July 2005 is