IAG New Zealand Limited received a Standard & Poor's (Australia) Pty Ltd rating of AA- on 3 November 2011.
This means we have a ‘Very Strong' claims paying ability, as you can see in the scale below. As a customer, this is important to you as it's your reassurance that we will be able to pay your claims now and in the future.
This rating is lodged with the Registrar of Companies and is reviewed annually.
| The rating scale is: |
| AAA |
(Extremely Strong) |
| AA |
(Very Strong) |
| A |
(Strong) |
| BBB |
(Good) |
| BB |
(Marginal) |
| B |
(Weak) |
| CCC |
(Very Weak) |
| CC |
(Extremely weak) |
The ratings from 'AA' to 'B' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
To find out more, a detailed pamphlet is available from the Ministry of Economic Development - Insurance and Superannuation unit, entitled 'A Guide to the Insurance Companies (Rating & Inspections) Act 1994‘. To view the guide go to www.isu.govt.nz and click on Insurance & Ratings.
The Fair Insurance Code
The Fair Insurance Code is a code of practice that sets minimum service standards for insurance companies and describes the responsibilities that customers and their insurance company have to each other.
For information on the Fair Insurance Code, please view the Insurance Council of New Zealand website.