Health insurer nib New Zealand’s financial results for the six months to 31 December 2020 shows its premium revenue rose 7.9% to more than $136 million, broadly in line with the first half of 2020.
The firm’s CEO, Rob Hennin, says despite uncertain market conditions over the past 12 months nib New Zealand grew its health insurance coverage by 2.8%, adding 3,135 new policies.
“Our first half result also shows claims increased 7.6% as members head back to their medical professional or seek treatment following the first wave of Covid-19 restrictions,” he said.
The company made a provision for ‘catch-up’ treatments totalling $9 million and so far $6.5 million has been allocated.
The procedures that have experienced the largest increase following the initial lockdown (relative to pre-pandemic claims activity) are:
- Neurological: 116% increase
- Cardio-thoracic surgery: 49% increase
- Diagnostics: 38% increase
- Gynaecological: 36% increase
nib New Zealand Chairman, Tony Ryall says while the pandemic increased consumer awareness about the importance of health there was still opportunity to grow acceptance of private health insurance in New Zealand.