Nib (ASX:NHF) defers premium increases to provide financial relief

Company News

by Lauren Evans

Health insurer nib Holdings (ASX:NHF) will postpone increasing health insurance premiums for its Australian resident health insurance members until September 1, to provide financial relief for its members during the pandemic.

While premiums were approved to change from April 1, nib made the decision to defer its lowest premium increase in 20 years (averaging 2.66 per cent) for five months. The premium postponement will take nib’s Covid-19 member and community support package to a total of more than $90 million.

“It’s a highly stressful time and I don’t want to downplay the financial toll it’s having on our members,” said managing director Mark Fitzgibbon.

“We also recognise that many healthcare services have been suspended or delayed which has impacted our claims experience and risk equalisation commitment. By deferring premium increases we’re making good on our commitment to returning any permanent savings to our members.”

Shares in Nib (ASX:NHF) are trading 1.1 per cent lower at $6.47. 

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