Overview of Life Insurance Risk Market Inflows & Sales: 12 months to March 2016
Risk Premium Inflows increased 6.2%. Among the medium to larger sized companies TAL (18.2%), AIA (16.4%), BT / Westpac (13.0%), OnePath Australia (9.6%) and Zurich (9.5%) recorded the highest growth.
Year on year overall Sales in this market were however down 5.9% due in particular to a significant 16.7% fall in new Group Risk sales. Risk market leader TAL (149.2%) reported a very large jump in sales, again the increase was mainly concentrated in Group business. Otherwise only Zurich (6.3%), off a lower base, and OnePath (6.2%) recorded higher Risk sales year on year. CommInsure (-42.7%), Suncorp (-24.7%), AMP (-22.9%) and National Australia / MLC (-16.5%) by contrast recorded significant double digit percentage falls.
The Life Insurance Risk Market is comprised of both Individual Risk Lump Sum & Risk Income Insurances plus Group Risk Insurance.
Source: Plan For Life