Media release: Embargoed until 5.00pm, Wednesday 30 September
AIA introduces bold changes to NZ health insurance market
30 September, 2015 – AIA today signalled its growth intentions with enhancements to its personal product range, and launching with a new
health product that lifts medical cover to $500,000, with a discount regime to make their insurance products more
affordable for customers.
The new Real Health product introduces new $500,000 limits on surgical and non-surgical treatments, including new
generation, non-Pharmac treatments for cancer, such as the innovative immunotherapy treatments, that are otherwise
unaffordable for the average New Zealander.
Chief executive Natalie Cameron says: “Our new Real Health policy directly addresses the affordability issues for these
new treatments, but we’re also moving to address the general affordability of insurance cover for the average New
Zealander by introducing a generous discount regime on premiums.”
AIA customers who purchase the Real Life policy together with other insurance policies receive an escalating discount
per extra policy.
“The more policies that are bundled up, the greater the discount that is available,” Cameron says.
The two initiatives, taken together, will increase the number of New Zealanders gaining access to the latest life-saving
drugs and treatments, she added.
“These new drugs and treatments are coming to market quickly and although there is uncertainty around when and how much
they will cost, we can be sure that costs will continue to rise,” comments Cameron. “The insurance industry is about
effectively managing risk and we are introducing this new product now in the expectation that New Zealanders will need
that level of support in the near future.”
As the second largest life insurer in the world, AIA is serious about investing in the New Zealand insurance industry,
Cameron says. “The AIA group has a market capitalisation of $116.34b, and that gives us the economies of scale to
provide New Zealand families with an affordable choice,” Cameron adds.
“We aim to be a serious industry player offering innovative products, with real benefits, that are more relevant to
people’s lives than our competitors’ offering.”
ENDS