Rating & Solvency
Insurance (Prudential Supervision) Act 2010
MARAC Insurance Limited has been assigned an Insurer Financial Strength rating of BBB+ (Outlook Stable) by Fitch Ratings.
A summary of the rating scale is:
|Secure Range||Vulnerable Range|
|AAA (Exceptionally Strong)||BB (Moderately Weak)|
|AA (Very Strong)||CCC (Very Weak)|
|A (Strong)||CC (Extremely Weak)|
|BBB (Good)||C (Distressed)|
"+" or "-" may be appended to a rating to indicate the relative position of a credit within the rating category.
MARAC Insurance Limited Solvency Margin
The Insurance (Prudential Supervision) Act 2010 requires life insurers such as MARAC Insurance Limited to hold a minimum amount of capital. Having a solvency margin above zero means an insurer holds more than the minimum amount of capital. The following table shows a breakdown of MARAC Insurance Limited’s solvency margins as at 30 June 2019.
|Life (Statutory fund)
|Audited 30 June 2019|
|Actual Solvency Capital||3,287||2,265||5,552|
|Minimum Solvency Capital*||2,960||2,040||5,000|
* An aggregate minimum of $5m applies to all companies writing life insurance.