Health Insurance in New Zealand - Industry Market Research Report

Health Insurance in New Zealand - Industry Market Research Report

Health Insurance in New Zealand

Health insurance revenue is expected to increase at an annualised 1.2% over the five years through 2022-23, to $1.8 billion. The Health Insurance industry has recorded moderate growth, supported by rising premiums. Health insurance companies have reported an increasing volume of claims paid over the period as the population aged 50 and over has risen. This trend has led health insurers to raise premiums to maintain profitability. Private health insurance membership numbers have increased as health consciousness among the population has increased. A rise in the number of employer-subsidised memberships has also driven increasing coverage rates. The number of health insurance policies offered by employers is expected to grow at a slower rate in 2022-23, due to the negative impacts of the COVID-19 outbreak. However, New Zealand has outperformed most nations in its attempts to contain COVID-19, helping the economy recover from the outbreak. This factor is anticipated to cause the unemployment rate to fall in the current year, supporting industry revenue.

Industry operators predominantly provide health insurance. Firms in the industry underwrite policies covering hospital, medical, dental, pharmaceutical and funeral expenses.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.