Plan For Life (PFL) reports continuing growth in the life insurance sector in the year to March 2010, but also highlights a sharp decline in group risk sales during the period.
Overall life insurance premium inflows (inforce and single premiums) increased by almost 11% in the year to 31 March 2010, but sales in the period experienced a net 6.7% decline, due to a 32% drop in the group risk sector. PFL explains:
“… the main cause of this apparent fall in overall Risk sales was in fact the sharp… decline in Group Risk sales which by their very nature can tend to be volatile and cyclical being largely dependent on the number and size of the various Group Insurance mandates that are up for their regular remarketing at any point in time.”
riskinfo notes the 32% drop in group risk sales for this reporting period was balanced by the huge leap of 29.5% in sales in the group risk market in the year ended 31 December 2009.
PFL also cautioned that changed reporting from one key insurer may also have had an impact on the group risk sales numbers for the twelve months to 31 March.
According to PFL, the highest premium inflow growth for the period was at TOWER Australia, NAB/MLC, AMP, ING Australia, BT/Westpac and AIA Australia, each of whom experienced double-digit growth, while TOWER, NAB/MLC and BT/Westpac had the highest sales growth in the year to 31 March.
Top-ranked insurers across market share and growth categories in the year to 31 March 2010, were:
Top 5 Companies Total Risk Premium Inflows (Market Share)
- National Australia/MLC Group (data now includes Aviva)
- CommInsure
- ING
- TOWER
- AMP
Top 5 Companies Total Risk Premium Inflows (Growth)
- TOWER
- NAB/MLC
- AMP
- ING Australia
- BT/Westpac
Top 5 Companies Total Risk Premium Sales (Market Share)
- National Australia/MLC Group
- TOWER
- CommInsure
- ING
- AXA
Top 5 Companies Total Risk Premium Sales (Growth)
- TOWER
- National Australia/MLC Group
- BT/Westpac
- Hallmark
- AXA
Top 5 Companies Individual Risk Lump Sum Inflows (Market Share)
- National Australia/MLC Group
- CommInsure
- ING
- AMP
- TOWER
Top 5 Companies Individual Risk Lump Sum Inflows (Growth)
- AIA
- TOWER
- ING
- CommInsure
- NAB/MLC
Top 5 Companies Individual Risk Lump Sum Sales (Market Share)
- National Australia/MLC Group
- CommInsure
- ING
- TOWER
- AMP
Top 5 Companies Individual Risk Lump Sum Sales (Growth)
- AXA
- TOWER
- Hallmark
- AMP
- ING
Top 5 Companies Individual Risk Income Protection Inflows (Market Share)
- National Australia/MLC Group
- AXA
- CommInsure
- Suncorp Group
- ING
Top 5 Companies Individual Risk Income Protection Inflows (Growth)
- BT/Westpac
- AIA
- ING
- CommInsure
- National Australia/MLC Group
Top 5 Companies Individual Risk Income Protection Sales (Market Share)
- National Australia/MLC Group
- ING
- CommInsure
- AXA
- AMP
Top 5 Companies Individual Risk Income Protection Sales (Growth)
- Macquarie Life
- AXA
- BT/Westpac
- ING
- TOWER
Top 5 Companies Group Risk Inflows (Market Share)
- AIA Australia
- TOWER
- ING
- CommInsure
- National Australia/MLC Group
Top 5 Companies Group Risk Sales (Market Share)
- TOWER
- National Australia/MLC Group
- CommInsure
- AIA Australia
- ING
