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Friday, November 3, 2023

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$1.8 BILLION PAID IN HEALTH INSURANCE CLAIMS

October 27, 2023
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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.

Richard Klipin …the term ‘health span’ is now used in conjunction with the term
‘life span’ in the insurance sector

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.

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OTHER RECENT NEWS…

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