Financial Strength Rating
The Insurance (Prudential Supervision) Act 2010 requires licensed insurers to have a current financial strength rating that is given by an approved rating agency. AIG Insurance New Zealand Limited has an A (Strong) insurer financial strength rating given by Standard & Poor’s (Australia) Pty Ltd. The rating scale, in summary form is:
AAA
|
Extremely Strong
|
BBB
|
Good
|
CCC
|
Very Weak
|
SD
|
Selective Default
|
AA
|
Very Strong
|
BB
|
Marginal
|
CC
|
Extremely Weak
|
D
|
Default
|
A
|
Strong
|
B
|
Weak
|
R
|
Regulatory Action
|
NR
|
Not rated
|
The rating from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. A full description of the rating scale is available on Standard & Poor’s website.
