Sales in the individual risk insurance market continued to grow in the September quarter 2008, according to the latest data released by Plan For Life.
These numbers reinforce the anecdotal sense that risk insurance is becoming the ‘flavour of the month’ within the broader financial planning and financial advice community.
In the year to 30 September 2008, individual lump sum insurance sales grew by over 17%, with individual income protection business sales jumping by almost 15%.
Total risk insurance premium inflows (a combination of new and inforce business premiums) grew by 12.6% in the year to September 30 2008, where the overall highlight was in the group insurance field, which saw a healthy 16% growth for the period. However, overall new business sales growth within the group risk category was static (infact, sales growth ran at -0.3%).
These numbers indicate that all the growth in the group risk area is through increases to existing business, whereas overall growth in the individual risk insurance market is being driven by new business sales.
Top 5 Companies - Total Risk Premium Inflows
- CommInsure
- ING
- National Australia/MLC Group
- TOWER
- AMP
Top 5 Companies Total Risk Premium Sales
- CommInsure
- ING
- AMP
- TOWER
- National Australia/MLC Group
Top 5 Companies Individual Risk Lump Sum Inflows
- CommInsure
- National Australia/MLC Group
- ING
- AMP
- TOWER
Top 5 Companies Individual Risk Lump Sum Sales
- ING
- CommInsure
- TOWER
- National Australia/MLC Group
- AMP
Top 5 Companies Individual Risk Income Protection Inflows
- National Australia/MLC Group
- AXA
- CommInsure
- Asteron
- ING
Top 5 Companies Individual Risk Income Protection Sales
- National Australia/MLC Group
- CommInsure
- ING
- St Andrews
- AMP
Top 5 Companies Group Risk Inflows
- CommInsure
- ING
- TOWER
- MetLife
- AIG Life
Top 5 Companies Group Risk Sales
- AMP
- CommInsure
- ING
- MetLife
- TOWER
Insurers to do well in terms of rates of sales growth include:
Individual Risk Lump Sum Market
- AIG Life: 61%
- TOWER: 41%
- CommInsure: 27%
- AMP: 25%
- AXA: 21%
Individual Risk Income Protection Market
- AIG Life: 65%
- TOWER: 34%
- CommInsure: 28%
- Aviva: 27%
- AMP: 25%
Group Risk Market
- ING: 34%
- AIG Life: 27%
- MetLife: 22%
- AXA: 4%
- TOWER: 0% (all others negative sales growth)
