FANZ to up the ante against NZ’s soaring medical inflation

Following a passionate session on New Zealand’s soaring medical costs at the recent National Adviser Conference, conference organiser and representative body Financial Advice New Zealand (FANZ) said it welcomes medical insurance case studies from members depicting unfair costs or practices.

“Medical inflation in New Zealand is significantly outpacing comparable markets and that is driving premiums up across the board,” said FANZ CEO Nick Hakes. “Just as the general insurance sector is facing scrutiny on affordability, the health insurance sector needs the same level of attention.”

Finance minister Nicola Willis announced a six-month review into home insurance affordability in February to be led by the Council of Financial Regulators insurance sub-committee, which includes FANZ as one of its permanent members.

“We see clear parallels between rising general insurance premiums and what is happening in the health insurance sector, and we are ensuring those parallels are part of the conversation,” said Hakes.