Strong year for health insurance sector in 2021

In all, the health insurance sector paid out nearly $1.5 billion in claims in 2021, an increase of $121 million on the previous year, while the number of New Zealanders holding health insurance grew by 30,000 over the same period.

The data shows that the total number of customers covered by health insurance in New Zealand is now just under 1.45 million people. In the final three months of 2021 up to 31 December, $386.9 million dollars worth of claims were paid out. In the same period $509.4 million were collected in annual health insurance premiums.

Richard Klipin, chief executive of the Financial Services Council, said; “Our latest data shows that more Kiwis are thinking about their family’s health and wellbeing through the lens of Covid-19, especially during lockdowns and now as the Omicron wave is hitting the country.”

“It also highlights that health insurance is becoming an important employee benefit at a time when businesses are looking at ways to attract and retain talent in a competitive employment market,” he said.

The data revealed a growth in claim payments following fluctuations as the impact of Covid-19 reduced the availability of both public and private health services, especially during earlier lockdowns, when many elective and non-urgent surgeries, specialist consultations, and diagnostic testing were delayed.