About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, November 19th, 3:12PM
Latest Headlines

Elective surgery boosts health insurance claims by 10%

Health insurers paid 10% more in claims in the year to the end of June than they did last year, according to figures released by the Health Funds Association (HFANZ).  

Tuesday, August 10th 2010, 11:42AM

HFANZ executive director Roger Styles said insurers paid $797 million in claims in the year, up $72 million on June 2009.

On average, claims costs had grown by 9% per annum over the past five years.

Styles said that around 80% of the value of claims paid related to elective surgery and associated costs.

"Growth in claims costs has been running at a high level over recent years due to increased demand, expansion of services funded, and medical inflation. Cost-shifting from the public sector has also contributed," he said.

Premium income was up 8.5% on the June 2009 year to $918 million. This compared with an annual increase of 4.9% recorded for the March year and 5% for the previous June year.

"Increases in premium income over recent years have tended to lag behind the underlying growth in claims costs," Styles said.

Despite premium and claims growth, the level of health insurance coverage eased again slightly in the June quarter with a drop of 800 lives covered. The reduction in lives covered over the full June year was 5200 or 0.4%.

Styles said the drop took numbers back to where they were in June 2008, with 1.389 million New Zealanders having health insurance.

"Overall, coverage tends to be holding up pretty well despite the adverse economic conditions over the last couple of years," Styles said.


« NAB tries to get ACCC onside with divestiture of Axa platformTower makes enhancements to Trauma and Income Protection cover »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

Suncorp invests in wellbeing
Suncorp New Zealand has now invested a total of $20 million into wellbeing bonds as part of its focus on identifying sustainable investment opportunities that can deliver positive community outcomes.

AIA adds mental health support
AIA is boosting Vitality members’ donations to the Mental Health Foundation.

Major milestone for Cigna
Cigna, which acquired OnePath Life last year, is on the verge of reaching "a huge milestone".

Fidelity Life gets tick
Fidelity Life has been awarded the Accessibility Tick.

News Bites
Latest Comments
  • When is a client really a client?
    “And this subtle upgrade to the understanding of a complaint. Which changes the ISO definition from an expression of dissatisfaction...”
    1 day ago by JPHale
  • When is a client really a client?
    “Just released additional standards from the FMA. Record keeping potentially until 7 years after the death of the life...”
    1 day ago by JPHale
  • When is a client really a client?
    “@ReganT interesting that the two life advisers involved with the code working group discussion are the ones being argued...”
    1 day ago by JPHale
  • When is a client really a client?
    “In a previous reply I responded to the concept of payment as a trigger. I actually agree it’s not. While we don’t often...”
    2 days ago by regant
  • When is a client really a client?
    “Tash are you being deliberately obtuse? I didnt say you have to keep sending/giving disclosure every year, I said you have...”
    2 days ago by regant
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News


Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and eyelovedesign.com