$400 million paid to Kiwis in health insurance claims over last quarter
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The FSC is the voice of New Zealand's Financial Services industry and represents all of New Zealand’s, major life insurers, workplace savings organisations and Health Insurers.
Quarterly report on the health insurance sector
In August The Financial Services Council (FSC) released their latest data from their quarterly report on the health insurance sector. It shows that $400 million worth of claims were paid out to New Zealanders in the quarter to 30 June 2021, and totaling $1.5 billion since July 2020.
This is an increase of just under $60 million in comparison to the previous three month period.
Heath insurers support New Zealanders to meet their health care and wellbeing needs and the data shows that over 1.4 million Kiwis have health cover.
“Although the current lockdown has impacted the availability of private health services, with most elective surgeries being postponed, we expect to see services restored as New Zealand moves down alert levels,” said FSC Chief Executive Richard Klipin.
“Importantly, customers will remain covered for any medical conditions that they may develop during the lockdown period.”
Most health insurers offer a range of plans, from cover for day-to-day and primary care, to comprehensive hospital and surgical cover, and major medical policies, which typically cover elective surgery, major treatments and specialist visits, the most commonly held policies in New Zealand.
“In the last year, data shows that orthopaedic surgery, cancer and gynaecological treatment were the top three areas of support funded by health insurers,” noted co-chair of the FSC’s Health Committee Lance Walker.
“Interestingly, the data further reveals that more younger Kiwis view health cover as an important part of their financial and overall wellbeing, showing that around 1 in 3 customers with health cover are under the age of 30.“
“Lockdown gives us the opportunity to think about our current and future insurance cover requirements and now is a good time to check that your cover meets you and your family’s needs,” said Klipin.
About the Financial Services Council:
The FSC is a non-profit member organisation and the voice of the financial services sector in New Zealand. Our 91 members comprise 95% of the life insurance market in New Zealand and manage funds of more than $83bn. Members include the major insurers in life, health, disability and income insurance, fund managers, KiwiSaver and workplace savings schemes (including restricted schemes), professional service providers, and technology providers to the financial services sector.