Rating & Solvency

Insurance (Prudential Supervision) Act 2010

MARAC Insurance Limited has been assigned an Insurer Financial Strength rating of BBB+ (Outlook Positive) 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 2017.

Life (Statutory fund)
$000

Non-life
$000

Total
$000

Audited 30 June 2017 

Actual Solvency Capital

1,746

3,875

5,621

Minimum Solvency Capital*

1,553

3,447

5,000

Solvency Margin

193

428

621

Solvency Ratio

112%

112%

112%

* An aggregate minimum of $5m applies to all companies writing life insurance

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