The intention of this article is to get readers to reflect on the question, what is a broad purpose for risk equalisation as one instrument forming part of a health system?

Could superannuation help solve our healthcare funding crisis? In our latest instalment of Investment Ideas, hosts Douglas Isles and Jan Swinhoe speak with Dr Raymond Yeow, a unique voice in healthcare who combines perspectives as both a GP and an actuary. Key areas discussed include: A proposal for Health Savings Accounts within superannuation, based on […]

Learn about the transformative potential of Value-Based Care in addressing Australia’s healthcare challenges through improved outcomes and cost management.Contents Executive summary Introduction An overview of the health ecosystem in Australia What is Value-Based Care? A framework for Value-Based Care Barriers to implement Value-Based Care Lessons from other jurisdictions Actuaries and Value-Based Care Closing […]

Australia’s injury and disability scheme system is complex. There are 11 different workers compensation schemes, eight compulsory third party (CTP) schemes and several other injury schemes, including the National Disability Insurance Scheme (NDIS), each governed by different laws and varying in the modes of operation. So, how can actuaries apply their expertise to help Australian […]

In their latest article, the Mortality Working Group shares excess mortality analysis for the first eight months of 2024. In summary For the first eight months of 2024, against a baseline that includes anticipated COVID-19 deaths: total mortality was 2% higher than predicted; COVID-19 mortality was 70% higher than predicted; Non-COVID respiratory mortality was 8% […]

Antony Claughton, Member of the Health Practice Committee (HPC) and Chair of HPC’s Gold Product Working Group, along with members of the Working Group, will host an interactive Town Hall-style Insights Session on Monday 30 September 2024 to look at the sustainability of the Gold hospital tier. Find out more and register here. Is there […]

Hindsight adjustments, adjustments to the year-end accounts using post-balance date data (e.g., July and August payments data), are common in the PHI industry. But initial interpretations of AASB 17 by the Actuarial Taskforce thought they were no longer permitted. As AASB 17 has been implemented, that thinking has been challenged and changed. Previous practice Under […]

In their latest article, the Mortality Working Group shares excess mortality analysis for the first four months of 2024. In summary Total mortality was in line with the new baseline for the first four months of 2024. The early mortality experience of 2024 includes higher COVID-19 mortality than predicted, particularly for March and April. Pneumonia […]

In their latest article, the Mortality Working Group shares excess mortality analysis for the first quarter of 2024. In summary Total excess mortality relative to the new baseline for the first three months of 2024 is 1%. The early mortality experience of 2024 includes higher COVID-19 mortality than predicted, particularly for March. All other causes […]

The Actuaries Institute is delighted to announce the launch of the Long COVID Knowledge Hub. This initiative, spearheaded by the Long COVID Working Group, addresses the significant uncertainties surrounding the long-term impacts of Long COVID by providing a centralised resource for research findings and information. The development of the hub was a collaborative effort from […]

“Being an actuary gives you instant credibility.”Brendan has 25 years of experience across actuarial roles in health and life insurance. His most recent role was Senior Consultant at Finity Consulting, fulfilling Appointed Actuary and actuarial advisory roles with private health insurers. Prior to this, he spent 15 years in Medibank’s actuarial team working on […]

Understandably, actuaries are obsessed with risk. Three plenary sessions at the All Actuaries Summit reminded us that there are different ways to look at risk – and that sometimes the widest possible view is the best. Opening Keynote with Ann Sherry AO In a wide-ranging interview with Win-Li Toh, Ann Sherry called out the range […]

A fascinating story, chronicling a century of the Australian Government Actuary (AGA), has been meticulously compiled by the current Australian Government Actuary, Guy Thorburn. His book, A Century of Australian Government Actuaries, is not just a historical account; it’s a testament to the enduring role of actuaries in helping shape the nation’s policies and societal […]

As the needs of individuals evolve, so too must the systems that serve them. Balancing the needs of individual care and systemic sustainability has always been challenging, yet it’s this very challenge that the Injury and Disability Schemes Seminar 2023 seeks to address. This year’s theme,“Whole person, whole system”, is a call to shift […]

In an era marked by rapidly evolving healthcare landscapes, it’s imperative to examine existing policies and explore avenues for improvement. This article explores the review of incentives for participation in Private Health Insurance (PHI) and encourages input to the consultation. The policies, known as PHI incentives, include the Medicare Levy Surcharge (MLS), Lifetime Health Cover […]

APRA’s new capital framework for Private Health Insurance is in effect from 1 July 2023. The new standards aim to strengthen risk sensitivity, improve comparability across insurers (more prescriptive) and align with APRA’s capital framework for life and general insurers (LAGIC), which is consistent with international best practice. As APRA has strengthened the capital framework […]

Catch up on the Actuaries Institute’s COVID-19 Mortality Working Group’s latest analysis of excess deaths. In summary: Total excess mortality for first three months of 2023 is 6% (+2,300 deaths), ie., there were 2,300 more deaths than would have been expected if the pandemic had not happened. Just over half of the excess mortality is […]

The critical illness insurance industry in China has witnessed significant growth over the past several years, resulting in the accumulation of millions of critical illness claims. To address the analysis of these claims and facilitate more reliable experience studies, a standardised cause of claim database is crucial. Such a database enables actuaries to identify emerging […]

June is Pride Month, a time dedicated to recognising and celebrating the LGBTQIA+ community, and continuing to fight for equality. This Pride Month, the Diversity and Inclusion Working Group (DIWG) has created a quiz to highlight the issues that LGBTQIA+ people continue to face within the health and financial services sectors. Our aim is […]

Private health insurers paid less in claims during the COVID-19 pandemic due to the suspension of elective surgeries and lower utilisation of extras such as dental and optical.