A marginal decrease in the Island’s healthcare spending has been hailed by Argus insurance, after years of concern over the rise in expenditure.

Michelle Jackson, the Argus executive vice-president, said the insurer was “delighted” by the announcement of a 1.7 per cent drop for the fiscal year ending March 31, 2014.

“We attribute this improvement to increased efficiencies at the local hospital, the positive enhancements in our local healthcare infrastructure, and the expertise of our overseas partners who work with us to negotiate favourable rates with the healthcare facilities in our provider networks,” Ms Jackson said.