The level of claims paid was up 9.4% to $962 million in the year to March.
Chief executive Roger Styles said the $1 billion milestone would mark the contribution health insurance made to funding healthcare in New Zealand.
“At a time when the public sector budgets are constrained, it is important to remember that every dollar of healthcare funded through insurance is helping to free up resources in the public sector,” he said.
Younger generations knew that they would have to pay a greater share of their health costs in decades to come than their parents’ generation had, he said.
He said there needed to be more public engagement on the issue. “There is a huge role which health insurance can play in helping fund future healthcare in New Zealand. Policy measures to lift he numbers of people with health cover will need to be looked at, alongside other options to contain public spending growth.”
Premium income increased 0.6% in the March quarter.
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