Bupa bumps up cashback for policyholders by $75m

The news: UK-based healthcare provider Bupa has increased its cashback deal for Australian policyholders, softening the blow before delivering its delayed premium hike on 1 October.

The numbers: Bupa is adding $75 million to its cashback plans, taking the amount to be returned to eligible policyholders to $395 million. Roughly 1.8 million members will be eligible for refunds of between $47 and $344, depending on their policy. Bupa will lift average premiums by 3.31% on 1 October, after delaying its industry premium increase by six months.

The context: Bupa is a UK-based private company providing healthcare services, private insurance and aged care in Australia, Spain, Poland, Chile, Brazil, Mexico, Türkiye, the Middle East, USA, Hong Kong, New Zealand and Ireland. Its Asia Pacific arm is Australia's second largest private health insurer next to Medibank, accounting for about a quarter of the Aussie market.