Southern Cross post $1.1 million loss after unexpected claim costs

Mon, 15 Sep 2014

By Fiona Rotherham Sept. 15 (BusinessDesk) - Southern Cross Medical Care Society, New Zealand's largest medical and health insurer, has recorded a $1.1 million annual loss after higher than expected claims from members. The not-for-profit insurer's annual report for the June 2014 financial year showed a record $694.5 million claims were paid out, up 8.7 per cent on the previous year and that led to a turnaround from last year's $22,106 surplus to a $1.1 million loss. Society chairman Graeme Hawkins said there was an unexpected increase...

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