How safe are health insurers?

All private health insurance is regulated in Australia by the Commonwealth Government, under the Private Health Insurance Act 2007.

Every insurer has its finances monitored by the Private Health Insurance Administration Council, known in the industry as PHIAC. All must file reports on their solvency and capital adequacy at least every three months, and PHIAC has power to intervene with any insurer that has problems.

Every year PHIAC publishes a report on the finances of individual health insurers, and this document is available to the general public.