Discovery and other South African medical insurers’ shares slumped after the signing of the new health bill was announced.
Shares in Discovery and other South African medical insurers slumped after President Cyril Ramaphosa said he’d sign into law a new health bill that’s opposed by businesses.
The National Health Insurance Bill provides a framework for providing universal care through a state-run fund and bans the private sector from financing treatment covered under the plan. Discovery derives about 34% of earnings from its South African health business, according to data tracked by Bloomberg.
“The implementation of the NHI bill in its current format is not sustainable, and we expect the already documented challenges made by numerous stakeholders to become more vocal, particularly around the constitutionality of the bill,” Damian McHugh, chief marketing officer at insurer Momentum, said in an emailed statement.
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