Accuro is now part of UniMed

On 1 June 2024, Accuro and UniMed combined to become New Zealand's third largest health insurer.

Accuro is now a brand owned, operated and underwritten by Union Medical Benefits Society Ltd (UniMed). When you take out an Accuro plan, you automatically become a Member of UniMed.

Updated October 2024

UniMed's Strength Rating and Solvency Margin measure our financial strength. The information below, provides Members with transparency and the peace of mind of knowing UniMed is financially secure.

UniMed has an A (Excellent) Strength Rating, and Solvency Margin of 385%.

UniMed Financial Strength Rating: A (Excellent)

The Insurance (Prudential Supervision) Act 2010 requires New Zealand insurers to have a financial strength rating given by an approved rating agency.

Union Medical Benefits Society Limited (UniMed) has an A (Excellent) financial strength rating given by AM Best.

The rating reflects UniMed’s balance sheet strength as well as UniMed’s operating performance, business profile and approach to enterprise risk management.

Rating Scale

AM Best's financial strength rating scale is: 

A++, A+ Superior
A, A- Excellent
B++, B+ Good
B, B- Fair
C++, C+ Marginal
C, C- Weak

 

For information about AM Best’s rating scale, category definitions, and their rating disclosure, see AM Best’s guide to financial strength ratings.

Learn more about AM Best here.

UniMed Solvency

As a licensed insurer, UniMed is subject to the requirements of Reserve Bank of New Zealand (RBNZ) solvency standards.

UniMed Solvency as at 30 September 2024

  NZ$000s
Solvency Capital    $126,326
Adjusted Prescribed Capital Requirement $34,676
Adjusted Solvency Margin $91,650
   
Adjusted Solvency Ratio 364%

 

'Adjusted Solvency Ratio' is calculated as Solvency Capital divided by the Adjusted Prescribed Capital Requirement.

'Solvency Capital' is the amount of capital held for solvency purposes.

'Adjusted Prescribed Capital Requirement' is the minimum amount of capital required to be held for solvency purposes.   

For more information about Solvency standards, see the RBNZ website.

Industry Best Practice

Acting responsibly on behalf of our Members, includes following industry best practice standards and complying with Codes of conduct.

 

Insurance and Financial Services Ombudsman

UniMed is a participant in the Insurance & Financial Services Ombudsman (IFSO) Scheme: a free, independent service which helps resolve disputes between financial service providers and their customers. 

As a Member of UniMed, if you aren’t happy with a decision we have made about your policy, please see our Complaint Process

If you aren’t happy at the end of the Complaint Process, you can contact the IFSO to request an independent review, at no cost to you. 

To learn more about this, contact the IFSO.

 

Financial Services Council

UniMed is a member of the Financial Services Council NZ (FSC) - a non-profit member organisation which promotes best practice and integrity in the financial services industry.

As a member of the FSC, UniMed adheres to the FSC Code of Conduct. This Code promotes good conduct, a strong customer-focused culture, and follows the standards and guidance of the FSC.

FSC website
FSC Code of Conduct

If you have questions, please call UniMed: 0800 600 666.

(8am - 5pm, Monday - Friday) Or email: feedback@unimed.co.nz