The pandemic has highlighted the importance of taking care of our health and well-being. And since Covid-19 landed on our shores, more and more Kiwis seem to have taken steps to protect themselves.
In December 2021 – the latest set of data available – the total number of people covered by health insurance in New Zealand was just under 1.45 million. And in 2021, the health insurance sector paid out nearly $1.5 billion in claims.
Unsurprisingly, statistics show that there have been fluctuations in claim payments, as lockdowns delayed many elective and non-urgent surgeries. Both public and private health sectors experienced delays, but according to the FSC, “the private health sector has shown its resilience and ability to increase activity to treat customers quickly after Covid-19 waves.”
It’s good news for Kiwis with health insurance, who can access private healthcare. As the FSC noted, “aside from improving the quality of life for many Kiwis, the private system also eases some of the pressure on the public system.” It’s estimated that nearly half of all elective surgeries in New Zealand, including cancer treatments, are performed privately.
Besides health insurance, more New Zealanders have also taken out other types of personal insurance – including life cover, income protection, trauma insurance, and more. The number of personal insurance policies increased by 92,000 to 4.2 million over 2021.
Once again, these uncertain times seem to have prompted a growing number of families to protect their financial wellbeing, by taking steps to manage their risk. And the peace of mind they’re achieving is invaluable: according to FSC data, insurers pay out on average $308.5 million in claims every three months.
If you’re exploring your insurance options, please don’t hesitate to contact us. We can help by talking through the options that might be most appropriate for your needs and goals. Remember: our help is only a question away – visit our website to learn more.
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