nib: Significant impact coming from Covid-19

Steve Crane

“Our only certainty is that Covid-19 will, at least for the near term, have a significant impact upon the private health insurance industry (PHI) and our business,” group chairman Steve Crane said, in a letter to shareholders.

He said concern about Covid-19 and disease risk was boosting health insurance sales and retention in both its Australian and New Zealand businesses.

There was a risk of economic recession and increasing unemployment in future. “Whatever the case, we believe near term it is reasonable for us to target a growth rate of 1% to 2% in both the Australian and New Zealand markets.”

There was also a likelihood that there would be fewer claims.