Overview of Life Insurance Risk Market Inflows & Sales: 12 months to June 2017
The Life Insurance Risk Market is comprised of both Individual Risk Lump Sum & Risk Income Insurances plus Group Risk Insurance.
Overall Risk Inflows continued to grow, albeit now at a much more modest pace than in the past, up a further 2.3%. Zurich (58.5%), due to its takeover of Macquarie Life's business, MetLife (15.1%), TAL (6.6%), BT / Westpac (5.4%), AIA (5.0%) and MLC (3.8%) all reported increases in their annual Risk Inflows while those of OnePath (0.8%), AMP (0.2%) and Suncorp (-0.4%) were little changed. CommInsure (-11.4%) saw its Risk Inflows decline.
However New Premium Sales actually fell 9.2% year on year. While mid-sized players MetLife (111.1%) and Zurich (30.3%) both recorded significantly higher annual Risk sales those of market leader TAL (-24.6%) along with a couple of other leading Risk companies AIA (-31.9%) and OnePath (-15.2%) were all substantially lower.
Source: Strategic Insight (Plan For Life)
Download Media Release (PDF): SI PFL Media Release Risk Insurance 617