Financial Strength
In dentistry, as in medicine, there are often long delays between an adverse incident, the reporting and ultimate settlement of any subsequent claim. At any moment in time, therefore, there is the potential for Dental Protection to incur costs long into the future, in relation to incidents that have already occurred, but which have not yet become a complaint or claim. The cost of these potential future claims need to be provided for in addition to the costs arising from reported (known) claims. Year after year, Dental Protection makes provision for both reported claims and those yet to be reported, and which might become a liability for MPS.
With total assets of over A$2.6 billion available to meet the reported claims as well as those potential future costs arising from claims not yet reported, MPS is considered 'fully funded' for its liabilities. The strength of this position is independently verified by an internationally respected firm of consulting actuaries acting in accordance with Guidance Note 12 of the Institute of Actuaries.