how low can this go?, page-164

Yes and no.

Freedom gets paid for administering the claims, as some insurers are prohibited from doing so, in FY18 they received $3.2 million for doing this work. The contract between the policy holder is a legal document between themselves and Freedom, regardless who Freedom decides to select as insurer/re-insurer the terms stay the same for the policyholder. If Freedom goes bust tomorrow, their 357,000 customers will definitely be effected.