Health insurance continues to deliver with $1.8 billion paid in claims

The Health Insurance sector has continued to serve New Zealanders over the past 12 months with increasing reach and increase of claims paid, says Financial Services Council (FSC) CEO Richard Klipin.

The past 12 months* has seen the sector grow, with:

• over 1.45 million Kiwis now covered by the sector, which is an increase of 1.2%
• $1.8 billion issued in claims, which is up 9.5% from the last quarter
• total premiums now at $2.24 billion – up 8% from the last quarter.

The sector has emerged from the COVID pandemic in good shape, and we remain committed to helping Kiwis with their health.

Klipin says that the term ‘health span’ is now used in conjunction with the term ‘life span’ in the insurance sector, which is the length of time in which an average human is healthy.

“Managing your health and staying healthy are very important. As is ensuring a long health span, which is the period of life where a person is healthy. So it's encouraging to see that more New Zealanders are taking up private health insurance, which ultimately gives them more choices over their health and wellbeing,” says Klipin. 

“The private health system complements the public system, and ultimately gives options for all Kiwis,” says Klipin.

“Unexpected health issues not only impact Kiwis physically, but also impact us mentally and financially.

“Relieving health issues and delivering peace of mind swiftly is something that a good health system can provide, and means more control of your own health journey.”

“As the New Zealand population ages, the idea of health spans and healthy lives is as important an idea as lifespan. Achieving a long health span is just as important as a long life span,” says Klipin.

“This is part of what we focus on as an outcome of our vision to increase the financial wellbeing of New Zealanders. Having robust health options, with increased financial wellbeing, will increase the overall wellbeing and health span of New Zealanders significantly.”

ENDS

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*from 1 July 2022 to 1 July 2023.