nib pushes back premium increase
nib pushes back premium increase | Insurance Business Australia
Life & Health
nib pushes back premium increase
Upcoming price rise to be insurer’s second-lowest premium price increase in 20 years
Life & Health
By
Roxanne Libatique
Nib has further delayed its premium increase for its private health insurance members, which had a previous go-live date of 1 April
The deferral, which applies to over 651,000 nib members, is one of a range of measures nib has provided and is related to COVID-19 claims slowdown.
The insurer’s total COVID-19 support package stands at $181 million since March 2020, nib said in a news release.
“The deferral complements our two very low premium increases – at 2.66% last year, which was our lowest rise in 20 years, and 2.72% this year,” said nib CEO and managing director Mark Fitzgibbon.
Giving back to customers
Aside from delaying the premium rise, nib, like other health insurers, has been giving back to customers in COVID-19 savings. In September 2022, nib announced it would be returning $40 million to members’ bank accounts.
The insurer also debuted a one-off $15 million COVID credit in 2021.
It has also deferred premium increases, provided extra cover – including cover for COVID – at no additional cost, and provided psychology benefits.
Earlier in June, Bupa Health Insurance (Bupa) announced a $320 million COVID-19 cashback incentive for its customers. This initiative brought Bupa’s total customer pandemic support funding to $1.27 billion, the largest of any health insurer to date, according to the insurer.
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