Health insurers are tipped to deliver one of the lowest premium increases on record this year, thanks to an influx of new customers and fewer claims.
Steven Siewerthe expected the industry-wide average premium increase this year to be between 2 and 3 per cent, well below the general rate of inflation, which is running at 7.3 per cent.
, with fewer consumers making claims due to a pause on elective surgery, leading the sector to build up large cash reserves. “I think it demonstrates the industry is in good shape at the moment, and the industry is working very dutifully towards keeping premiums affordable and compensating members for the downturn in activity during COVID.”
Private Healthcare Australia chief executive Rachel David said she expected premium increases to come in “well under” the general rate of inflation.Dr David said insurers were not seeing people rebook deferred surgeries, keeping pressure on premiums down. “And unfortunately, we are still seeing the cost of generic medical devices – the cost per procedure – rising out of proportion to the number of procedures performed.”Dr David said one of the major risks to insurers was that consumers will cancel their policies as cost of living pressures force them to make cutbacks.“Whenever we survey members, the premium cost always comes back as their major concern.
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