Southern Cross Healthcare Group chief executive Dr Ian McPherson says that all health insurers should have an independent credit rating.
"We encourage all health insurers to seek an independent rating of their health insurance portfolio and offer this transparency," he says.
"The public needs to be confident when committing to health insurance."
He says Southern Cross has voluntarily sought a rating since 1994 so that its members and the general public would have an independent assessment of the organisations financial strength.
Southern Cross Medical Care Society is the only specialist health insurer in New Zealand to have a rating solely for its health insurance business, he says. However other life companies do have ratings which cover their whole business operations. For instance AIA is AAA rated.
McPherson says the recent review highlighted Southern Cross’s improvement in its financial performance to sustainable levels while maintaining its market position.
"It is an excellent outcome to achieve this rating, especially as a not-for-profit friendly society.
“The review also acknowledged our continuous efforts to provide new products, services and better value to members,” McPherson said.
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