Disclosure Statement
Our financial strength rating
Booster Assurance Limited is licensed as an insurer issued by the Reserve Bank of New Zealand. Booster Assurance Limited is a wholly owned subsidiary of Booster Financial Services Limited.
Booster Assurance Limited, as a licensed insurer, doesn't need to have a current financial strength rating because its annual gross premium income for the financial year 1 July 2023 to 30 June 2024 is less than $1.5million, as calculated in accordance with the Insurance (Prudential Supervisions) Regulations 2010.
Reinsurance
The accidental death benefit provided to Booster KiwiSaver Scheme members is not reinsured.
Our solvency margin
Booster Assurance Limited's ability to pay claims is related to the level of capital it holds, and the extent to which the insurance cover has been reinsured (which is a form of risk sharing with other insurance companies).
The Reserve Bank of New Zealand requires all insurance companies to hold solvency capital. The minimum level of solvency capital required is calculated based on the level of risk the insurance company faces.
The solvency capital for Booster Assurance Limited at 30 June 2024 was:
| $'000 | |
| Solvency Capital | 4,175 |
| Adjusted prescribed capital requirement | 2,959 |
| Adjusted solvency margin | 1,216 |
| Adjusted solvency ratio | 141% |
Notes
Minimum solvency capital - this is the amount of capital required to be held according to the solvency standards issued by the Reserve Bank of New Zealand
Solvency margin - this is the amount of solvency capital that Booster Assurance Limited held over and above the minimum required by the solvency standards
Solvency ratio - this is the percentage of actual solvency capital relative to the minimum solvency capital