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Health Insurers In New Zealand Report Higher Claims
In spite of the fact that there has been adverse economic conditions, New Zealand’s health insurers say there has only been a slight drop in the number of people covered by health insurance, whilst continuing to report high levels of claim costs.
New Zealand’s health insurers paid approximately NZ$ 797 million in combined claims for the year ending June, a figure which rose by NZ$ 72 million from the previous years according to the Health Funds Association of New Zealand.
The association estimates approximately 80 per cent of the claims paid were related to elective surgery and associated costs.
On average, claims costs have risen 9 per cent per annum during the past five years.
“Growth in claims costs has been running at a high level over recent years due to increased demand, expansion of services funded, and medical inflation. Cost-shifting from the public sector has also contributed,” HFANZ executive director Roger Styles said.
Premium income rose 8.5 per cent from the previous year to NZ$ 918 million. There was a drop of 800 in the number of lives covered in the June quarter.
About 1.389 million New Zealanders have health insurance.
“Overall, coverage tends to be holding up pretty well despite the adverse economic conditions over the last couple of years,” Mr Styles said.
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American Express Delivers Solid Second Quarter Results
Second quarter profits at credit card company American Express nearly triples, and came in well ahead of analyst estimates, as spending by card holders vaulted 16 per cent.
American Express also benefited from having to put away less than half as much money to cover losses as it did in the previous year.
“While spending among affluent consumers and businesses remains strong, today’s card members are borrowing less and paying down more of their outstanding debt. We remain cautious about the economy and the challenging regulatory environment.” chairman and chief Executive Kenneth Chenault said.
The figures bode well for American Express which seems to have rebounded from last year, where its cardholders spent less on their cards, and fell behind its peers.
The card company like its rivals now face the prospect of encouraging increased spending without loosening its credit standards.
American Express, unlike most rivals, issues credit cards and is subject to legislation enacted earlier this year that limits rate increases, which will bite into income.
For the latest quarter, American Express posted a profit of $US1 billion ($1.12bn), or US84 cents a share, up from $US337 million, or US9c a share, a year earlier. Revenue, net of interest expense, rose 13 per cent to $US6.86bn.
The company’s US card business, its largest by revenue by far, swung to a profit as revenue, net of interest income, rose and provisions for losses plunged 56 per cent.
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NAB Low Business Banking Fees Still Struggling To Make Impression
Despite making a concerted effort to break into and achieve dominance in the business banking segment, Australian banking major National Australia Bank is the least popular of the Big Four banking groups, amongst business customers.
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Australian Home Prices Surge By 20 Per Cent
Property values in the capital cities of Australia have continued to see their values surge, with official data suggesting that house values increased by as much as 20 per cent last year.
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Five Tips For Borrowing Using A Personal Loan
Personal loans can be amongst the cheapest way to borrow, but we can’t help but stress how important what the reason you are borrowing the money for.
If you are looking to finance a new flat screen television or go on holiday, or any other luxury, a personal loan is not your best option. Fortunately the financial crisis has made most people more aware of their finances and changed the way they think about borrowing.
More people are saving to buy life’s luxuries, and we are far less reliant on loans and credit for our spending.
If you need the money for something really important, then borrowing through a personal loan, is far cheaper than through the use of a credit card.
Here are five tips for personal loans.
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Property Investor Demand For Mortgages Highest In Six Years
A survey conducted by a leading mortgage broker suggests that investors returning after their summer holidays took the largest share of the home loan market since 2004.
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Trio Capital Funds Wound Up By Administrator
A group of managed investment and superannuation funds with $260 million in assets, once run by bankrupt investment company Trio Capital are to be closed down.
The six investment funds which include the Astarra Startegic Fund, a fund which invested $118 million in an opaque company registered in the British Virgin Islands, are being forced to wind themselves up following action by the administrator of Trio, PPB.
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Macquarie Makes European Investment Banking Acquisition
Australian investment banking major Macquarie Group has acquired the research and investment banking operations of Luxembourg based private bank Sal Oppenheim.
Macquarie had recently acquired the private bank’s derivatives business in December last year.
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Bendigo And Suncorp To Combine Their ATM Networks
Bancassurance group Suncorp-Metway, and regional lender Bendigo and Adelaide Bank are set to combine their ATM networks, giving customers of both banks a wider choice of machines.
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The Coming Australian Foreign Exchange Trading Boom
The head of a leading online foreign exchange broker says he believes that Australia is on the verge of a coming online foreign exchange trading boom, and sees tremendous potential for growth of investments in currency trading in the country.
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