Medibank private shows spectacular growth
Of the 789,858 Australians who took out private hospital insurance in the April-June quarter, a significant 42.6 per cent joined Medibank Private, according to the latest Private Health Insurance Administration Council (PHIAC) figures.
This figure means Australia's largest health insurer has garnered 30.8 per cent share of the Australian private health insurance market - huge growth from 27.6 per cent last quarter - on the back of Lifetime Health Cover and the Federal Government 30% Rebate.
In November last year, Medibank Private celebrated a new high, covering 2 million people. Today, Medibank Private covers nearly 3 million people!
Medibank Private managing director, Mark Burrowes, said "This phenomenal growth is unsurpassed in the history of Medibank Private and the industry. Not only that, but our performance relative to our competitors has been extraordinary."
"We have surpassed MBF as the No 1 fund in NSW and now hold 25.0 per cent of the NSW market, compared with 21.4 per cent last quarter. MBF on the other hand has moved from 23.2 per cent market share in the April quarter to 22.4 per cent.
"Medibank Private has increased its market share in every state, proving it has performed particularly strongly relative to its competitors."
Commenting on the PHIAC reported results, Medibank Private managing director, Mark Burrowes attributed the funds' success to its rapid and innovative response to the Federal Government's Lifetime Health Cover (LHC) initiative.
"We ran a long and prominent marketing campaign, extended the services for joining new members to include the internet, kiosks in shopping centres, extending our operating hours and adding additional staff to our call centres and retail outlets.
"Not only that, but we had new and innovative products to offer which represented good value for money. Package Plus sold extraordinarily well which indicates that it was not only hospital cover that many new purchasers were looking for - the vast majority of our new members bought both hospital and ancillary products.
"Australians 'voted with their feet' by joining Medibank Private in preference to other funds. We joined many more members than our pre LHC market share would have suggested we would.
"We now aim to demonstrate to all our new members over the life of their membership that they have made the right choice by buying our products. Private insurance gives people peace of mind about their health care costs - it gives them greater control and access to facilities and doctors of their choice.
"We also intend to ensure that our members see the product they have bought as not just underwriting the costs of acute care, but as providing access to services which will help them to mange their health and wellbeing whatever their life stage," Mr Burrowes said.