Direct Life Insurance market stable despite intensive marketing
The Direct Life Insurance market has remained fairly constant over the last three years, comprising approximately 25 to 30% of the individual risk market. This is despite a significant amount of activity in the sector by Insurance Providers, creating and innovating new products both under their own brand and affinity brands, as well as intensive marketing activities. While in-force business has continued to grow very slowly, a very large part of new premiums are being offset by lapses and policy closures.
Individual Risk Inflows for Direct business of $1,132 million are mainly into Term Life products $562m, which is nearly 50% of the Direct Market, followed by Funeral Insurance $334m, which is slightly less than 30% of the Direct Market, for Year End December 2016.
Source: Strategic Insight (Plan For Life)
Download Media Release: SI Media Release Direct Insurance - May 2017.pdf