Australia’s leading health insurer – Bupa knocked off top spot

Swarup Kumar Sahoo, senior insurance analyst at GlobalData, said Medibank’s performance in 2022 was driven by “competitive premium pricing and a growth in the number of policyholders due to increased health awareness among young and first-time buyers.”

What helped Medibank grow in 2022?

Medibank hospital plans, which start at $101.8 per month, are the lowest among health insurers in Australia. The company also registered the lowest increase in average premiums in the last 21 years compared to other health insurers, which has kept its premium prices competitive in the market.

This trend continued in 2022, as Medibank decided to offer two rounds of premium deferrals and provided cashbacks to policyholders through premium relief, ancillary limit rollovers, and financial hardship support.

Additionally, the insurer has leveraged the customer base from its other brand Medibank Health, which provides healthcare services, to support its growth. As a result, the number of policyholders of Medibank increased by 4.6% in 2021, followed by a 3.2% increase in 2022.

“Through Medibank Health, the company has taken a number of initiatives to provide affordable health services that have supported customer retention and new business growth,” Sahoo said.

Despite experiencing a massive cyberattack that extended to one of its brands, Medibank still has a positive outlook for 2023.

“Medibank is expected to maintain the leading position in the Australian health insurance market in 2023, driven by its competitive premium pricing, affordable healthcare solutions, and an increase in the number of policyholders,” Sahoo said.