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As a precautionary response to the declining economic environment, PHIAC decided to commence a limited series of statistics on a monthly basis beginning in February 2009.

 

The data collected was to enable the Board of PHIAC to have regular and current information about leading indicators of potential prudential risk in the private health insurance industry. This measure was intended to be a temporary response to the significant volatility being experienced in many capital markets and the broader economy at the time.

 

After a period of uncertainty, it is now clear that the economy has resumed an increasing rate of growth and the risk of serious economic contraction in Australia has passed. Australia is the only developed economy where year-ended growth in GDP has remained positive during the year. For the last six months there has been increasing growth in the number of employed persons and the unemployment rate has levelled off.

 

PHIAC notes that the private health insurance industry has grown steadily in membership over the year and the industry’s prudential capacity was not seriously affected by the economic downturn.

 

Having regard to the economic indicators and opinion of the Reserve Bank that the risk of downturn has passed, and that the economy is expected to grow, PHIAC has decided to discontinue the PHIAC M collection with immediate effect.

 

PHIAC thanks insurers for their cooperation in providing the monthly data.