Bermuda?s health insurers are lobbying for Government to increase the national hospital insurance premium when the rates are next set in April.

Argus Group President Gerald Simons confirmed that the Island?s three health insurers are pushing for the premiums to be bumped up in order to offset the increasing cost of claims.

Mr. Simons described the premium as ?quite simply, inadequate? and said, because of this, Health Insurance Act benefits are the ?poor performer? in Argus?s health portfolio.

He said it had been decided at the implementation of the Hospital Insurance Plan (HIP) that there should be a set ratio in which 85 cents of every dollar covered claims paid out by the insurance company, with 15 cents set aside for administration of those.

He said insurers were now being left to cover 95 percent of the cost of the HIP, for which residents currently pay a premium of $91.90 per month.

Although there was a five percent increase in the premium last year, Mr. Simons said this had not been enough to keep up with the rising number of claims.

?It hasn?t been a problem until recently,? he said. ?The increases used to be decided upon automatically in consultation with the Hospital Insurance Authority.?