NIB defers premium increase by six months


NIB is postponing its April 1 health insurance premium increases for at least six months in a move to ease the economic burden on members.

The insurance giant on Monday said freezing the premium increase – which averages 2.9 per cent – complemented other moves to provide direct premium relief for members experiencing financial hardship.

HBF was among the first in the industry to make a decision.

Last week the not-for-profit insurer cancelled its premium increase.

NIB is also offering coverage for COVID-19-related treatment across all products even if currently excluded.

The postponing of the premium will automatically apply to members’ health cover.

Elsewhere in the insurance industry, IAG has completed the sale of its 26 per cent interest in SBI General in India for a net profit $310 million.

The sale was first announced in October and has increased IAG’s regulatory capital position by nearly $450 million.

IAG is also offering travel insurance refunds without penalty for the unused proportion of premiums and full refunds for small businesses which cancel their insurance, with no administration or cancellation fees.

It will defer premium payments for up to six months for small businesses experiencing financial hardship.

The company on Monday left its FY20 guidance unchanged as overall year-to-date profitability is expected to absorbs higher net natural peril claim costs and severe investment market movements.

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