Young NZ adults embracing health insurance

July 28 2015 by InsuranceAsia News Staff

The Health Funds Association of New Zealand (HFANZ) announced that the availability of new, low-cost health insurance products has encouraged more New Zealanders aged 25-35 to take out health insurance policies.

In the 12 months ending June, more than 3,300 people aged 24-35 took out policies, bringing the total number of insured New Zealanders to 1.334 million, or about 29% of the population, statistics released by the HFANZ showed.

The statistics also showed that total claims paid for the year ending 30 June amounted to US$1.013bn, an increase of 4.8% from a year ago.

For the June quarter alone, a total of US$266m were paid for claims, a rise of 5.5% from Q2 2014.

HFANZ acting CEO Chris Pentecost said that more New Zealanders now value the importance of having health insurance.