Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Total NZers with health insurance passes 1.4 million

Health insurers have recorded continued growth in lives covered and claims paid for the September 2018 quarter, bringing the number of New Zealanders with health insurance up past the 1.4 million mark for the first time in more than two decades.

A record additional 26,530 lives covered in the year to September 30 brings the overall total past the previous high of 1.392 million in December 2009, the latest industry data reveals.

Health Funds Association (HFANZ) chief executive Roger Styles said this was the fourteenth straight quarterly increase in lives covered, with 2017-18 recording the strongest growth in lives covered since 2001.

Mr Styles said the bulk of the increase was again in the working age group, reflecting the continued growth in employment numbers and indicating workers were opting for health insurance packages that were partly funded by their employers.

“These latest figures take us back to levels higher than before the 2008 global financial crisis and hark back to 20 years ago when close to half the population had health insurance. Back then most policies were comprehensive cover and offered reimbursements for things like GP and dental visits. Now around 70 percent of policies are for major medical or surgical and specialist cover, with insurers funding an increasing range of treatments,” he said.

Claims paid for the September quarter totalled $342 million, up 6.7 percent on the September 2017 quarter, and brought the total for the 12 months to the end of September to $1.263 billion, up $89 million or 7.6 percent, on the September 2017 year.

Mr Styles said claims paid had effectively doubled over the past decade as people accessed both a greater volume and a wider range of services and treatments through health insurance, and the public system had struggled to keep pace with demand growth, especially for elective surgery.

The growth in healthcare claims paid was reflected in the growth in premiums over the same period. Premium income for the September 2018 quarter totalled $391 million, up by $8 million on the June quarter. Annual premium for the year ended September 30, 2018 was $1.516 billion, up 7.4 percent or $105 million on the September 2017 year.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


R&NTU: KiwiRail strike notices withdrawn following new offer

Strike notices on KiwiRail have been withdrawn. Rail and Maritime Transport Union General Secretary Wayne Butson says following negotiations between the RMTU and KiwiRail, a new offer from KiwiRail will be taken back to union members for ratification... More>>



Banking: Stress Tests Show Strengthening Bank Resilience

The latest stress tests carried out by the Reserve Bank of New Zealand – Te Pūtea Matua show strengthening resilience in the banking sector and the benefits of continuing to build capital buffers... More>>


Statistics: Building Activity Down In September Quarter
The volume of building activity in New Zealand fell 8.6 percent in the September 2021 quarter, compared with the June 2021 quarter, Stats NZ said today. Residential building activity fell by 6.4 percent in the September 2021 quarter, while non-residential building activity fell 12 percent... More>>



Reserve Bank: Deputy Governor Reflects On Time At RBNZ
Central bankers must continue to look forward to guard against the unpredictable, Deputy Governor Geoff Bascand says in a speech published today. Mr Bascand joined the Reserve Bank of New Zealand – Te Pūtea Matua in 2013 during the aftermath of the Global Financial Crisis... More>>


Xero: Data Reveals ICT Expenditure Key To Small Business Sales Growth
Xero, the global small business platform, today released a new report which shows New Zealand small business ICT expenditure has increased 25 percent compared to pre-pandemic levels - more than the UK (20%) and Australia... More>>


Fonterra: Lifts Forecast Farmgate Milk Price Range And Revises Earnings Guidance At First Quarter Update

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range, reported a solid start to the 2022 financial year and revised its earnings guidance... More>>


Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>