APRA reports steady growth in private health insurance coverage

APRA reports steady growth in private health insurance coverage | Insurance Business Australia

Life & Health

APRA reports steady growth in private health insurance coverage

Increases seen in every state and territory

Life & Health

By
Roxanne Libatique

The Australian Prudential Regulation Authority (APRA) has published its annual Private Health Insurance Coverage Survey for the December 2023 period.

The report provides detailed data on the number of individuals with hospital treatment cover, categorised by age, gender, and state of residence. It presents a comprehensive view of private health insurance coverage across Australia at the end of each year.

The number of Australians with private health insurance coverage for hospital treatment based on state:

New South Wales: Increased from 3,845 in December 2022 to 3,911 in December 2023 .
Victoria: Increased from 2,833 in December 2022 to 2,909 in December 2023.
Queensland: Increased from 2,206 in December 2022 to 2,264 in December 2023.
South Australia: Increased from 817 in December 2022 to 833 in December 2023.
Western Australia: Increased from 1,532 in December 2022 to 1,582 in December 2023.
Tasmania: Increased from 236 in December 2022 to 239 in December 2023.
Northern Territory: Increased from 99 in December 2022 to 101 in December 2023.
Australian Capital Territory: Increased from 248 in December 2022 to 253 in December 2023.

The rest of the data is available on the APRA website.

Proposed enhancements to quarterly insurance statistical publications

APRA recently released its response to stakeholder feedback on proposed updates to its quarterly insurance statistical reports.

The enhancements align with the implementation of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17) and new capital requirements for private health insurance companies.

APRA also added data items beyond what it initially proposed in response to the feedback. It expects the enhanced quarterly insurance statistics to launch in August 2024.