Monday 14 October 2019

VHI reports 'solid' performance in 2018

Since 2009 VHI's Special Investigation Unit into inappropriate billing has recouped €151.6m. (Stock photo)
Since 2009 VHI's Special Investigation Unit into inappropriate billing has recouped €151.6m. (Stock photo)
Independent.ie Business Desk

Independent.ie Business Desk

Health insurer VHI reported a net surplus of €82.4m in 2018, up from €75.3m in 2017.

The group’s private medical insurance membership grew to 1.1 million, from 1.0 million the prior year, according to annual results from the group.

However, the group reported a slight drop in income from insurance premiums, down to €1.41bn from €1.48bn in 2017.

Income from insurance products and services other than private health insurance amounted to €31.2m during the year, up from €27.8m in 2017.   

VHI had free reserves of €676m representing an increase of €65m, or 10.6pc, compared with the previous year’s position.  

Total gross claims paid in 2018 totalled €1.3bn, down 0.1pc compared to 2017.

John O’Dwyer, chief executive of VHI, said: “The Irish economy has recovered well and as a consequence the Private Health Insurance Market continues to expand.”

“However, in order to protect Community Rating, the system of health insurance in Ireland where everyone pays the same price for the same product regardless of their age or health status, more needs to be done.”

“We need to improve the Risk Equalisation System so that health insurers are rewarded for delivering efficiencies and providing better health outcomes rather than just selecting better risks. Now is the time to take those steps,” he added.

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