Health Funds Association of New Zealand (HFANZ) and the Financial Services Council (FSC) are to merge under the Financial Services Council banner from 1 December 2020, creating a membership association of almost 90 organisations.
The merger brings together health insurance, life insurance, KiwiSaver, and investment industries, says the FSC in a statement. HFANZ is the industry body for health insurers within New Zealand and was set up in 1989.
Members of HFANZ include friendly societies, mutual, public companies and their subsidiaries. Membership is voluntary, and includes eight health insurers who account for more than 80 per cent of active health insurance policies in the country.
Rob Flannagan, Chair of the Financial Services Council said: “The merger is a great opportunity to bring the health and life insurance industry together under one roof and focus the efforts of our joint members on the important issues of the day, and most importantly of all, driving better consumer outcomes.”
Len Elikhis, Chair of HFANZ, said: “The Health Funds Association of NZ members represent 80 per cent of the health insurance sector and has a rich heritage of over 30 years.
“The private health insurance sector supports 1.4 million New Zealanders to meet their health care costs…we look forward to playing an active part within the Financial Services Council.”
Richard Klipin, CEO of the Financial Services Council says the merger will focus its work in the sector and create a “…stronger voice that will help shape the future financial wellbeing of Kiwis”.