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Researcher Plan For Life (PFL) reports continued healthy growth in both risk insurance sales and inflows for the calendar year 2008.

The latest data released by PFL shows strong inflows (a combination of new and in force premiums), up by 12.0% in 2008 to $7.2 billion, while new business sales were up by 10.7% to over $1.9 billion for the year.

One of PFL’s mantras over recent years has been its emphasis on the significant impact of the housing boom on the continued growth of the individual lump sum insurance market. But while the housing boom came off its peak, particularly in the latter part of 2008, PFL still rates this market as a significant factor in the continuing growth of individual lump sum insurance in Australia last year.

All insurers reported positive annual growth in the individual risk market, but the majority of companies experienced a down-turn in new business sales in the group risk insurance sector:

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
National Australia/MLC Group
TOWER

Top 5 Companies Individual Risk Lump Sum Inflows

CommInsure
National Australia/MLC Group
ING
AMP
TOWER

Top 5 Companies Individual Risk Lump Sum Sales

CommInsure
ING
National Australia/MLC Group
TOWER
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
AIG Life
ING
TOWER

In terms of rates of sales growth, the two companies to stand out across both individual and group insurance in 2008 were AIG Life and CommInsure:

Individual Risk Lump Sum Market