HBF moves into life insurance

WESTERN Australia’s dominant health insurance player, HBF, has continued to diversify into new fields with the announcement of a move into life insurance. HBF managing director Mike Gurry said life insurance was a first for the organisation and natural extension of HBF’s range of services offering protection and wellbeing to WA families. “As a not for profit mutual organisation, HBF needs to focus on generating growth in areas other than health insurance to reduce the pressure on health insurance premiums,” he said. “The ageing population and spiralling costs for technology and treatment are continually putting pressure on health insurance premiums.” Mr Gurry said HBF had a proven track record in fostering growth in business outside of health, as the largest travel insurer in Western Australia and one of four largest providers of home and car insurance. The move into life insurance comes after HBF’s recent signing of a memorandum of understanding with the Bank of Queensland to investigate the possibility of providing a range of housing loans, savings accounts and personal loans to members. The products will be manufactured by Bank of Queensland and sold as HBF-branded products.