DriveRight is part of IAG New Zealand Limited (IAG NZ), New Zealand's largest general insurer. IAG NZ is a subsidiary of Insurance Australia Group, which is headquartered in Sydney and is Australasia's largest general insurance group. The Group generates more than $6 billion in premiums, of which IAG NZ contributes approximately $1.1 billion. IAG NZ insures around 950,000 cars, 575,000 homes, 185,000 businesses and 235,000 rural risks. IAG NZ is a member of the Insurance Council of New Zealand, the representative organisation for most of the country's fire and general insurers. The council's key function is to achieve significant changes that contribute to the efficient running of the insurance industry both for practitioners and consumers. To ensure that customers are provided with quality assurance, the three components of the council's self-regulation framework are: The Fair Insurance Code The Insurance and Savings Ombudsman Scheme The Councils Solvency Test DriveRight continues to produce solid insurance programs to the market facilitating the ever-demanding needs of customers around the country. We have the last twelve months, housed an additional 48,000 policy holders, paid $6,000,000 in mechanical breakdown related claims, and rescued over 4,000 policy holders form the side of the road (at our own cost-claim or no claim). This is a great achievement and something we are proud of. IAG New Zealand Limited is committed to sustainability and has produced its second annual sustainability report: SEE - Sustainability Report Claims Paying Ability Rating IAG New Zealand Limited received a Standard & Poor's (Australia) Pty Ltd rating of AA- on November 3, 2008. This means it has a 'Very Strong' claims paying ability, as you can see in the scale below. As a customer, this is important to you as it is your reassurance that we will be able to pay out on your claims now and in the future. This rating is lodged with the Registrar of Companies and our rating is reviewed annually. The rating scale is: AAA Extremely Strong AA Very Strong A Strong BBB Good BB Marginal B Weak CCC Very Weak CC Extremely Weak The ratings from 'AA' to 'B' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.