Southern Cross sinks into the red on rising specialist, prescription claims

Fri, 14 Sep 2018

By Paul McBeth Sept. 14 (BusinessDesk) - Not-for-profit health insurer Southern Cross Medical Care Society posted an annual deficit as a rising number of claims for specialist procedures and prescriptions outpaced higher premiums from a bigger customer base. The Auckland-based insurer posted a deficit of $13.3 million in the year ended June 30, compared to a surplus of $6.2 million. Its net claims bill rose 9.2 percent to $906.6 million, which was spread across 3.4 million claims. Claims for specialist consultations increased 15 per cent...

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