First quarter claims rise, nib report
The health insurer seeing 10-20% lift in claims for the July to September year.
Tuesday, November 17th 2020, 8:02AM
nib New Zealand CEO Rob Hennin reports that the company has been inundated with claims post-lockdown, with private hospital treatments booming as Covid-19 put pressure on already stretched public providers.
“There are a number of reasons for this surge,” he explains. “There are the deferred claims, of course, as people were unable to access unable to access many treatments during lockdown.
“Post-lockdown, clinicians have been working overtime and preapproved waiting lists are coming down dramatically. People are also spending money that they may have spent on holidays on treatments they may be deferred, and this is also part of the reason for the uptake in claims.”
Hennin states that the surge in claims is across the board but is encouraged by the fact that the predicted lapse has not come to fruition.
“We did think, given the economic impact of Covid-19, that there may be considerable lapse. But sales are strong and the lapse has not been increasing.”
In fact, Hennin says that the number of new people coming in across categories has been encouraging.
“The numbers coming on board are quite good,” her says.
He believes that because the global crisis has been health related, people are committed to staying safe. They are seeing the stretch put on the public health system due to increased pressure from testing and treating those suffering from Covid-19, and becoming aware of the need for a safety net in the form of health insurance.
The surge in claims can’t be quantified fully, as yet, but Hennin explains it will be announced in the half-year results.
nib’s New Zealand FY20 results, released in August, revealed a growth in premium revenue of 10.2% to $253 million.
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