NIB Claims Costs Expected to Grow Despite Uncertainty Around Catch Up Procedures

NIB Holdings is Australia’s fourth-largest provider of private health insurance. Covering 1.1 million people, or 4% of the Australian population, it accounts for around 9% of the market. It is one of five funds which account for 80% of the market by policy numbers, other large rivals include Medibank (27% market share), BUPA (26%), HCF (11%), and HBF (8%). Established in 1952 to provide health insurance for BHP workers in Newcastle, the insurer has since expanded nationally and amalgamated with other small funds. In 2007, NIB was demutualised and listed on the ASX. In addition to private health insurance for Australian and New Zealand residents, the firm also provides health insurance for overseas students and temporary overseas workers in Australia, and distributes travel insurance internationally.