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 CEO Richard Klipin.
The FSC says the past 12 months to July 2023 has seen the sector grow, with:
- More than 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
Klipin says that the term ‘health span’ is now used in conjunction with the term ‘life span’ in the insurance sector, noting it is the length of time in which an average human is healthy.
He says that managing health and staying healthy is 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.”
He adds that the private health system complements the public system “…and ultimately gives options for all Kiwis.”
Klipin notes that unexpected health issues not only impact Kiwis physically, but also impact mentally and financially.
…achieving a long health span is just as important as a long life span…
“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.”
Klipin notes that as the New Zealand population ages “…the idea of health spans and healthy lives is as important an idea as life span. Achieving a long health span is just as important as a long life span.”
He says this is part of what the FSC focuses 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,” he says.