Workplace health insurer UniMed says it’ll soon be New Zealand’s third largest health insurance provider after receiving approval from the Reserve Bank (RBNZ) to take on the portfolio of insurance co-operative Accuro.
It’s the final step in the regulatory process – which got underway last year – for the two member-owned and not for profit insurance societies.
Accuro is an NZ-owned insurer and has 30,000 members according to its website.
UniMed, also known as Union Medical Benefits Society, says it will represent 10% of the health insurance market once the transfer is complete, with a membership of 140,000 and 100 staff.
It will also make UniMed the third largest health insurance provider in the country behind Southern Cross and Nib.
Once the transfer is finalised, the Accuro brand will remain, but its members will transition to being officially recognized as part of the UniMed society. But that’s the only visible change for Accuro members, says Accuro Chair, Marion Guy.
“It is important for the transferring Accuro members to know they will continue to have the same policies and healthcare benefits as they do now.”
After the transfer, Accuro will proceed with the cancellation of its insurance license and take steps to dissolve the Accuro Health Insurance Society.
UniMed Chair Peter Tynan says both the Accuro and UniMed brands will continue to operate in the market and UniMed will retain offices in Wellington and Christchurch.
“The additional scale will ensure UniMed is in the best possible position to create efficiencies, develop new services and products and meet the challenges of increasing member expectations all at a time when the cost of health services is rising, and the regulatory environment continues to evolve,” he says.
The Accuro membership voted on and approved the proposal to transfer the Accuro portfolio to UniMed in two Special General Meetings late last year.
Accuro chair Marion Guy said last year that the proposal was strongly supported by members at the two Special General Meetings in October and November, with 92.8% of voting in favour at the first meeting and 96.1% voting to confirm that decision at the second meeting.
Last week, the Financial Services Council released a report that showed almost 40% of NZ’s population now have some form of health insurance, highlighting growing strain on both public and private healthcare sectors.
The number of New Zealanders with health insurance increased from 1.18 million in 2022 to 1.45 million in 2023, indicating that an additional quarter of a million people have opted for health insurance over the past year.
According to the report, the growing appeal of health insurance means that 37% of Kiwis reported having health insurance in 2023, marking a 5% increase from 32% in 2022.
UniMed CEO Louise Zacest also said last week that health insurers in NZ were struggling with “surging” insurance claims.
People need to access their insurance more because they can't get access in ways they have previously while the cost of care has gone up substantially.
“Those together create some real challenges around long term affordability,” she said last week.
1 Comments
Even worse for NZ these companies.
Ironically I have many family and friends denied access to this insurance. In New Zealand it is completely ok for these companies to deny access to customers with disabilities. So no health insurance and no access to public specialists. I hear there is a charity hospital being setup or there is always the option of getting into a car accident so bad that the hospital finally ends up taking you in and doing the diagnostic scans.
Even our family with partial access to specialists have been forced to perform our own anaphylaxis, heart attack care & home surgery. Although minor home surgery is not as bad so long as you limit blood flow and can handle the pain without the normal practice of anesthetic support (key tip: good sterilization & wound care and decent scalpel suppliers). With many friends and family who die in their 20s, 30s and 40s from treatable conditions that if they had medical access they would survive. NZ hospitals & insurers are worse then criminal when they enact discrimination & ostracism policies.
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