NEW ZEALAND: Health Funds to Merge to Form Country's 3rd Biggest Health Insurer

In this iPMI Global regional country guides article, international private medical insurance report author and market analyst Ian Youngman, takes a look news that the Reserve Bank of New Zealand (RBNZ) has approved the transfer of Accuro Health Insurance Society Ltd's insurance portfolio to Union Medical Benefits Society Ltd (UniMed).

• This decision finalises the regulatory requirements necessary for the merger of these two member-owned societies.
• As a result of the acquisition, UniMed is poised to become the third-largest health insurer in New Zealand.
• Accuro Health Insurance Society's policyholders have overwhelmingly approved the Wellington-based health insurer's merger with Christchurch-based Union Medical Benefits, known as UniMed, to form New Zealand's third largest health insurer.
• The company will represent nearly 10% of the NZ health insurance market with a combined membership of 140,000 and employing 100 people.
• UniMed will continue to operate both its own brand and that of Accuro.
• Like UniMed, Accuro is a not-for-profit mutual society.
• UniMed offers a personalised health and wellbeing service and specialises in providing flexible workplace health plans and other wellbeing services to leading New Zealand organisations and their employees.
• The number of Kiwis with health insurance has increased in New Zealand from 1.18m in 2022 to 1.45m in 2023 according to the Financial Services Council (FSC NZ).

About the Author

Ian Youngman is an independent writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.