Michael Nacola [Photo: Supplied]

BSP Health, a subsidiary of BSP Life, has launched a new product called Value Health Care.

Managing Director, Michael Nacola says this is their ongoing efforts to assist people get access to affordable, tailor-made insurance products.

Nacola says the pandemic has heightened both the awareness and the need for medical insurance.

A recent survey by the Reserve Bank indicates insurance coverage in Fiji is still low.

He adds BSP Health reinforces the need for continued innovation in products and services.

Nacola highlights medical insurance is critical as it mitigates the cost of expensive specialised treatments.

BSP Health’s claims trends highlight that the age bracket of 40-44 is now the highest claiming bracket for medical treatment, with growing numbers of deaths in the 45-54 range.

From January to July this year, BSP Health paid $6 million for medical treatments.

Around 96% of claims received were approved with only four percent declined as they were outside policy terms.

Nacola says customers continue to be evacuated to Australia and New Zealand for life saving treatment, including those who have the India option and need emergency treatment but unable to travel there due to border closures.