nib

Australian stocks have plunged more than 7.5 per cent as borders close and businesses shut in efforts to halt the spread of the coronavirus pandemic.

Health insurer nib has posted a 23 per cent fall in first-half profit, blaming a rise in claims for the softer result.

NIB expects to earn $30 million less than previously forecast as claims inflation eats into the health insurer's full-year operating profit.

Australians should receive tax breaks if they are made to set up savings accounts to help cover some healthcare bills, private health insurer nib says.