Bupa has announced that it will return a whopping $120 million in cash back to its Australian customers on the back of savings from lower claims activity during the COVID-19 pandemic.
Emily Amos, the managing director of Bupa Health Insurance, explained that the insurer decided to return funds to support customers impacted by the pandemic.
“We've always said we wouldn't seek to benefit from the COVID pandemic,” she said. “As we haven't seen claims return to levels that we originally anticipated, we wanted our customers to share in these savings. We know many of our customers and communities have struggled through this time, and we want to support them given the ongoing lockdowns.”
The payments will be available to all domestic Australian resident customers who had private health cover with Bupa for a minimum of three months between July 01, 2020, and June 30, 2021. Eligible customers could receive a payment of between $15 and $110 depending on their policy, with an average payment of $71.
“We'll be writing to our customers over the coming months to let them know when and how much money they can expect to see the money in their account,” Amos said.
She added that most customers would receive funds directly to their bank account by the end of the year. The insurer will also contact those whose bank account details are not in its systems.
The $120 cash to be returned brings Bupa's COVID-19 support for its health insurance customers to more than $315 million over the past 18 months.
