Union Medical Benefits Society Ltd (UniMed) has become New Zealand’s third-largest health insurer, now controlling 10% of the market and serving over 140,000 members.
This follows the recent transfer of Accuro’s health insurance portfolio, finalised on May 31.
Commenting on the transfer, UniMed chair Peter Tynan emphasised the vital role of private health insurance in New Zealand’s health sector.
“As New Zealand’s population ages, costs and the demand for health services will continue to grow. The solution is for the public and private sectors to work together in a complementary manner to meet increasing needs,” he said.
UniMed, established 45 years ago as a non-profit workplace health insurer, collaborates with employers across New Zealand to provide healthcare access to employees and their families.
With the integration of Accuro’s portfolio, UniMed expands its reach to better serve businesses and individuals nationwide. Both UniMed and Accuro brands will continue to operate in the market.
“We are excited about the future; the not-for-profit nature of each entity means we have always had the common goal of a focus on members. Bringing the Accuro and UniMed portfolios together means we can better meet member expectations and leverage our greater scale to address rising health care costs,” Tynan said. “All our members – regardless of the health plan they hold – will enjoy uninterrupted cover and benefits, as they have done all the way through the transfer process.”
In April, the Reserve Bank of New Zealand (RBNZ) approved the transfer of Accuro Health Insurance Society Ltd’s portfolio to UniMed.
Accuro chair Marion Guy reassured members that their existing health policies and benefits would remain unchanged post-merger.
“It is important for the transferring Accuro members to know they will continue to have the same policies and healthcare benefits as they do now,” she said.
This transfer aligns with UniMed’s history of smooth operational integrations, having completed at least five similar mergers since its establishment in 1979.
Accuro’s membership approved the transfer proposal in late 2023, adhering to society regulations and the Industrial and Provident Societies Act requirements.
