Latest news with #NZPoliceAssociation
Yahoo
09-07-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Police Health Plan Limited
SINGAPORE, July 09, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Police Health Plan Limited (PHP) (New Zealand). The outlook of these Credit Ratings (ratings) is negative. The ratings reflect PHP's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, the ratings factor in a neutral impact from the company's ultimate ownership by the New Zealand Police Association (NZPA). The negative outlooks reflect the ongoing pressure on PHP's operating performance, which also places pressure on its balance sheet strength fundamentals, given the declining risk-adjusted capitalisation due to underwriting losses and PHP's limited financial flexibility. PHP's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level, albeit with a declining trend in recent years driven by operating losses. AM Best views the company's investment strategy to be low risk, with its investment portfolio consisting of cash and term deposits. As an insurer dedicated only to its captive membership base, PHP is considered to have limited financial flexibility. In addition, the company has a modest capital base, which increases the sensitivity of capital adequacy to stress scenarios or fluctuations in performance. AM Best assesses PHP's operating performance as adequate, albeit the company's operating performance metrics have exhibited a decreasing trend over the past five fiscal years. PHP's underwriting performance remains impacted by high claims inflation in New Zealand's health insurance industry, with the company reporting material underwriting losses in fiscal year 2024 and 2025. While the company has implemented portfolio remediation actions such as premium rate increases, AM Best expects PHP's near-term underwriting performance to remain under pressure. Nonetheless, PHP continues to benefit from its efficient cost structure, allowing it to offer competitive health coverage and premium rates to its members. As a not-for-profit insurer, investment income remains a key contributor to overall earnings. In fiscal year 2024, the company reported a net investment yield (including gains/losses) of 5.6%. PHP provides health insurance exclusively to current and former members of the New Zealand police and their families. Despite having a relatively small premium base in New Zealand's health insurance market, the company's business profile assessment factors in its high penetration rate within the police force and its close integration with the NZPA, which gives rise to synergy and efficiency benefits. PHP has preferential access to the NZPA's member base, benefits from low distribution costs, and shares overhead with the broader group. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Chee Yun Financial Analyst +65 6303 5019 Yi Ding Associate Director, Analytics +65 6303 5021 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
RNZ News
18-06-2025
- Politics
- RNZ News
Police consider options for adopting body cameras
A French police officer wearing a body-worn camera standing guard during a French minister's visit to a public school in Paris on 16 January 2024. Photo: AFP The police union says officers getting body cameras for the first time will counter people doctoring phone footage of interactions. The police are looking at options to adopt body cameras after grappling with the pros and cons for at least five years. NZ Police Association president Chris Cahill said the cams would provide a "true picture" of what has gone on. As things stood, officers were getting filmed anyway by the public on their smartphones, but he was aware of some of that footage being doctored to make the interaction look bad. "I think generally they should tell the true picture of what's gone on and that's why our members are positive about them. "I think it's a question that has sort of been kicked down the road for too long in New Zealand and we're sort of the outliers around the world." The big question was not around the benefits, but how much storing all the camera footage would cost. "I mean, you've got the cost of actually buying the cameras, which, you know, we'd straight away say shouldn't come out of current budgets." That would mean something else had to be given away, he said. "But equally, the long-term issue is data storage and how much that costs. "I'm aware of some smaller police services around the world who have pulled the cameras because they simply can't pay that cost." Vancouver Police Department initially struggled with the costs but last year expanded its bodycam programme. In the US, it is reported some police departments have so much footage they are turning to AI to sift through it . Police Minister Mark Mitchell told ZB the government was a big fan of technology to help frontline police, and he personally liked bodycams. "The use of body-worn cameras is an operational decision for the Commissioner," Mitchell said in a statement to RNZ. "As he has signalled, police is exploring options around the potential use of body cameras, and will bring me recommendations when it is complete." Police rolled out new tasers last year that unlike the old model, do not have an in-built camera. "From a scrutiny of police level, that's lowered that scrutiny around the use of tasers. So I think that's where the cameras can add some value," Cahill said. Among the options of a supplier of bodycams is the giant US company Axon, that has supplied New Zealand police with tasers for years. Both old and new models of taser are made by Axon, which also supplies data storage services. New Zealand police use Axon's ' data storage system. Axon last year partnered with Auckland company Auror, which runs the software that enables retailers and police to use automated number plate recognition on thousands of CCTV cameras nationwide. Police have doubled their use of the number plate technology in the last three or so years. Axon has also newly partnered in the US with Ring, which provides 'smart' security products like doorbells with cameras. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
