Latest data suggests risk new business sales may finally be levelling out, following a sustained period of growth in recent years.
Plan For Life’s Risk Market Inflows Report for the Year to 30 June 2010 outlines solid inflows (which include both new and existing premiums) of 12.2%, but easing sales growth across the board.
While the volatility of group risk sales data accounts for an overall decline of 2.9% in new premium sales during the year to 30 June, a closer inspection of the numbers indicates a downward trend in sales growth in both the individual lump sum and income protection sectors.
Individual lump sum growth in the year to June 30 was 5.3%, characterised as ‘modest growth’ by PFL. This compares with 8.6% growth in the year to March 2010 and 14.2% in the year ending December 31 2009.
Similarly, sales growth of 7.7% for income protection products in the year to June 2010 continues a slowing of IP sales growth, which ran at 10.7% in the year to March 2010 and 17.0% in the calendar year 2009.
Top-ranked insurers across market share and growth categories in the year to 30 June 2010, were:
Top 5 Companies Total Risk Premium Inflows (Market Share)
- National Australia/MLC Group (data now includes Aviva)
- CommInsure
- ING Australia
- TOWER
- AIA Australia
Top 5 Companies Total Risk Premium Inflows (Growth)
- TOWER
- AIA Australia
- AMP
- NAB/MLC
- ING Australia
Top 5 Companies Total Risk Premium Sales (Market Share)
- TOWER
- National Australia/MLC Group
- ING Australia
- CommInsure
- AXA Australia
Top 5 Companies Total Risk Premium Sales (Growth)
- TOWER
- Zurich
- BT/Westpac
- NAB/MLC
- AXA Australia
Top 5 Companies Individual Risk Lump Sum Inflows (Market Share)
- National Australia/MLC Group
- CommInsure
- ING Australia
- AMP
- TOWER
Top 5 Companies Individual Risk Lump Sum Inflows (Growth)
- AIA Australia
- ING Australia
- Zurich
- TOWER
- NAB/MLC
Top 5 Companies Individual Risk Lump Sum Sales (Market Share)
- ING Australia
- National Australia/MLC Group
- CommInsure
- TOWER
- AMP
Top 5 Companies Individual Risk Lump Sum Sales (Growth)
- ING Australia
- BT/Westpac
- AXA Australia
- TOWER
- AMP
Top 5 Companies Individual Risk Income Protection Inflows (Market Share)
- National Australia/MLC Group
- CommInsure
- AXA Australia
- Suncorp Group
- ING Australia
Top 5 Companies Individual Risk Income Protection Inflows (Growth)
- BT/Westpac
- AIA Australia
- ING Australia
- CommInsure
- Zurich
Top 5 Companies Individual Risk Income Protection Sales (Market Share)
- National Australia/MLC Group
- ING Australia
- CommInsure
- AXA Australia
- AMP
Top 5 Companies Individual Risk Income Protection Sales (Growth)
- Macquarie Life
- AXA Australia
- ING Australia
- BT/Westpac
- National Australia/MLC Group
Top 5 Companies Group Risk Inflows (Market Share)
- AIA Australia
- TOWER
- ING Australia
- CommInsure
- National Australia/MLC Group
Top 5 Companies Group Risk Sales (Market Share)
- TOWER
- National Australia/MLC Group
- AIA Australia
- CommInsure
- ING Australia
