The Australian health insurance market is expected to grow by a compound annual rate of 10.1 per cent between 2012 and 2016, according to the latest report from global market analysis organisation Research and Markets.
One of the key factors contributing to this growth is the healthy competition in the market and strong government support systems in place.
Governing regulations and guidelines are influencing premium price rises and encouraging a sustainable rivalry between competing health insurance providers.
The research, released on November 11, shows big players such as Medibank, Bupa Australia and Hospital Contributions Fund of Australia are unsurprisingly dominating the health insurance market across the country.
Providing quality health insurance services over the coming years is a major objective of the Australian government.
Recent reforms and investments have been supporting this goal, including a future funding boost of more than $17 billion during the period 2019-2020.
However, private health insurance providers are still leading contributions towards privately provided health and related services in Australia, covering almost 69 per cent of the total cost of this industry in 2012.
The Research and Markets report has shown that the current state of the health insurance industry is strong and stable, implying premiums rises should be subdued over the coming years, as profits remain steady.
If you are unsure about how this news will affect your private health cover or you are interested in reviewing your current policy, speak to the team at HICA today.
Our expert team can offer advice and guidance on any industry developments and can also provide a health insurance comparison and obligation-free quote to help you make informed decisions about your private health insurance policy.