nib to hike premiums 4.48% from April

Insurer nib has been approved to hike premiums on its products by an average of 4.48 per cent, saying rising claims and healthcare costs make it necessary.

Health insurer nib will hike its premiums by an average of 4.48 per cent from April 1.

Chief executive Mark Fitzgibbon said nib was doing its best to keep premiums as low as possible, but added that the insurer had paid out $1.4 billion in claims in 2016 - up 5.5 per cent on the previous year.

He also said it was the third consecutive annual premium rise that was proportionately lower than the previous year, and was the lowest increase in 14 years.