Invest
Health insurers want to offer financial relief
A number of private health insurers will be co-operating to better protect policyholders impacted by COVID-19 by way of broader insurance coverage and financial relief for impacted customers.
Health insurers want to offer financial relief
A number of private health insurers will be co-operating to better protect policyholders impacted by COVID-19 by way of broader insurance coverage and financial relief for impacted customers.
The Australian Competition and Consumer Commission (ACCC) has granted interim authorisation to a number of insurers to do so, after it received an application from Private Healthcare Australia (PHA) Members Health Fund Alliance and members of both groups.
PHA is the Australian private health insurance industry’s peak representative body, representing 24 registered funds. Members include: Australian Unity, BUPA Australia, CUA Health, Defence Health, HBF Health, HCF, Medibank Private, nib and Teachers Health fund.
While the interim authorisation is “conditional” on details being provided to the ACCC in advance, the watchdog has said it will see insurance coverage broadened to include COVID-19 treatment, telehealth consultations and medical treatment provided at home.
ACCC chair Rod Sims commented that the provision of financial relief for policyholders during the pandemic “is an important and welcome measure”.
“We are also pleased to see moves to cover telehealth consultations so that policyholders can still safely consult health professionals.”
The interim authorisation excludes agreements to increase premiums and specifies that any agreements that are reached must terminate when authorisation is no longer given.
Mr Sims said this is because of the watchdog’s concern that “there is a risk that some of the proposed arrangements may have a long-term anticompetitive effect, especially as this authorisation covers a majority of private health insurers”.
“We have imposed conditions on this authorisation to help minimise this risk by preventing insurers from coordinating to increase premiums, and ensuring agreements entered into under the authorisation cannot last longer than necessary because of the COVID-19 pandemic,” he outlined.
RELATED ARTICLES
About the author
About the author
Insurance
Australians prioritise life insurance over luxuries amid cost-of-living pressures
Australians are choosing to maintain life insurance and income protection policies over discretionary spending including gym memberships, holidays and mobile phone upgrades, new research has found. Read more
Insurance
Aussie property owners teeter on financial ruin as underinsurance crisis escalates
According to industry-first data compiled by leading insurance expert MCG Quantity Surveyors, Australian property owners are facing a dire underinsurance crisis, with many just one insurance event ...Read more
Insurance
Insurers ramp up concerns over greenwashing amid stricter ESG standards
A recent global study has shed light on the growing apprehensions within the insurance industry regarding greenwashing, as environmental, social, and governance (ESG) criteria become more rigorous. Read more
Insurance
Ortec Finance study highlights insurers' readiness to tackle increased investment risks amidst growing concerns
A new study conducted by Ortec Finance, a premier provider of risk and return management solutions for the financial sector, indicates a notable shift in the risk-taking attitude among insurers ...Read more
Insurance
Climate disasters leave 1 in 25 properties uninsurable by 2030
Climate change-induced disasters and mounting risks of dangerous weather will make one in 25 Australian properties “effectively uninsurable” by 2030, according to a damning new report from Australia’s ...Read more
Insurance
Insurers running for cover from accusation of “failing consumers”
As insurance providers have recently been inundated with a large volume of claims for damages from yet another set of so-called “once-in-a-hundred-years” floods, the embattled sector is now coming ...Read more
Insurance
Class action over add-on insurance commences in court
Allianz has been accused of engaging in misleading or deceptive conduct. Read more
Insurance
Saving money on insurance means asking the right questions
There are plenty of must-do’s and missteps that those looking to buy home and contents insurance need to stay on top of. Read more
Insurance
Australians prioritise life insurance over luxuries amid cost-of-living pressures
Australians are choosing to maintain life insurance and income protection policies over discretionary spending including gym memberships, holidays and mobile phone upgrades, new research has found. Read more
Insurance
Aussie property owners teeter on financial ruin as underinsurance crisis escalates
According to industry-first data compiled by leading insurance expert MCG Quantity Surveyors, Australian property owners are facing a dire underinsurance crisis, with many just one insurance event ...Read more
Insurance
Insurers ramp up concerns over greenwashing amid stricter ESG standards
A recent global study has shed light on the growing apprehensions within the insurance industry regarding greenwashing, as environmental, social, and governance (ESG) criteria become more rigorous. Read more
Insurance
Ortec Finance study highlights insurers' readiness to tackle increased investment risks amidst growing concerns
A new study conducted by Ortec Finance, a premier provider of risk and return management solutions for the financial sector, indicates a notable shift in the risk-taking attitude among insurers ...Read more
Insurance
Climate disasters leave 1 in 25 properties uninsurable by 2030
Climate change-induced disasters and mounting risks of dangerous weather will make one in 25 Australian properties “effectively uninsurable” by 2030, according to a damning new report from Australia’s ...Read more
Insurance
Insurers running for cover from accusation of “failing consumers”
As insurance providers have recently been inundated with a large volume of claims for damages from yet another set of so-called “once-in-a-hundred-years” floods, the embattled sector is now coming ...Read more
Insurance
Class action over add-on insurance commences in court
Allianz has been accused of engaging in misleading or deceptive conduct. Read more
Insurance
Saving money on insurance means asking the right questions
There are plenty of must-do’s and missteps that those looking to buy home and contents insurance need to stay on top of. Read more
