My Insurance Guide Blog | Insurance blog | blog Insurance NZ | New Zealanders | NZ » Insurance – tip of the day http://www.my-insurance-guide.co.nz/insurance-blog Sat, 04 Dec 2010 02:56:38 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Claims paying ability rating http://www.my-insurance-guide.co.nz/insurance-blog/claims-paying-ability-rating/ http://www.my-insurance-guide.co.nz/insurance-blog/claims-paying-ability-rating/#comments Thu, 29 Oct 2009 06:06:59 +0000 Insurance talk http://blog.my-insurance-guide.co.nz/?p=284 BLOG_Insurance Ratings SMLWhen shopping for an insurance policy, the key areas most people tend to focus on is the price and the level of cover the policy provides.  However, you should also pay close attention to the companies “Claims Paying Ability Rating” as this provides an insight into the companies financial health.  The higher the rating, the healthier the companies financial position.

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By law, all insurance companies must undergo an assessment on an annual basis.   There are three agencies that can award the ratings:

  • Standard & Poor’s
  • A M Best
  • Fitch Ratings

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This insurance rating assesses the insurance companies ability to pay out on present and future claims . The ratings are represented by a letter, number and /or symbol.
An insurance companies rating can generally be found in its written disclosure.

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AAA (Extremely Strong) BBB+ (Good) B+ (Weak)
AA+ (Very Strong) BBB (Good) B (Weak)
AA (Very Strong) BBB- (Good) B- (Weak)
AA- (Very Strong) BB+ (Marginal) CCC (Very Weak)
A+ (Strong) BB (Marginal) CC (Extremely Weak)
A (Strong) BB- (Marginal) R (Regulatory Action)
A- (Strong)

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A++ (Superior) B+ (Very Good) C (Weak)
A+ (Superior) B (Fair) C- (Weak)
A (Excellent) B- (Fair) D (Poor)
A- (Excellent) C++ (Marginal) E (Under Supervision)
B++ (Very Good) C+ (Marginal) F (In Liquidation)
]]> http://www.my-insurance-guide.co.nz/insurance-blog/claims-paying-ability-rating/feed/ 0 Insurance claim tools http://www.my-insurance-guide.co.nz/insurance-blog/insurance-claim-tools/ http://www.my-insurance-guide.co.nz/insurance-blog/insurance-claim-tools/#comments Wed, 14 Oct 2009 08:21:25 +0000 Insurance talk http://blog.my-insurance-guide.co.nz/?p=262 BLOG_Insurance-LettersEveryone hates having to submit an insurance claim to their insurance company should an incident occur. Let’s face it, it’s well known that p insurance companies have a reputation of taking a hard line when it comes to paying out on insurance claims. A recent survey conducted by RaboPlus called the RaboPlus Financial Confidence Index demonstrated this (you can read more one the post Do New Zealander’s Trust Insurance Companies?)

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If you feel you’ve been hard done by when making a claim, remember that you do have other options  to turn to for help. Not only can you contact the Insurance and Savings Ombudsman, you can also use our collection of FREE insurance letters to help you engage with your insurance company.  Unfortunately,  many people commit insurance fraud therefore, insurance companies must go through the proper process and honest people do get caught out. Use our insurance letters and improve your chances of a satisfactory outcome.

]]> http://www.my-insurance-guide.co.nz/insurance-blog/insurance-claim-tools/feed/ 0 Value your car and adjust your policy accordingly http://www.my-insurance-guide.co.nz/insurance-blog/value-your-car-and-adjust-your-policy-accordingly/ http://www.my-insurance-guide.co.nz/insurance-blog/value-your-car-and-adjust-your-policy-accordingly/#comments Mon, 28 Sep 2009 08:08:34 +0000 Insurance talk http://blog.my-insurance-guide.co.nz/?p=140 Insurance - tip of the dayWhen people buy a new car they tend to buy car insurance (of some sort) too. This is great however, because new cars depreciate so quickly (some say you loose 30% the minute you drive off the lot), people often forget to adjust their insurance policy to take into account this drop in value. Get your car valued every year and tell your insurance company it’s new value and ensure your premiums are adjusted accordingly!

Find out more on how to save on car insurance

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