NIB travel takes hit

ONGOING travel disruptions have significantly impacted nib’s travel insurance divisions, with the company’s full year financial results showing a 74.1% drop in sales revenue for the period.

International inbound health insurance membership also decreased by 6.5% for the 12 months to 30 Jun, however the company’s CEO Mark Fitzgibbon said that despite the tough result he was confident the division would bounce back strongly.

“Pre-pandemic in FY19, [our travel businesses] contributed $41.5 million to group earnings compared with a loss of $19.5 million in FY21, it speaks of the opportunity ahead and we’re using the current hiatus to modernise our systems and improve...efficiency,” he said.

“[But] the near-term outlook for our travel businesses remain challenged by restrictions on foreign entry and travel,” Fitzgibbon added.