Plan For Life’s latest Premium Inflows and Sales Report continues to document a very modest sales growth pattern in the life isurance sector.
In its latest report for the year ending March 2011, the trend of low single digit growth in the individual insurance market reflects similar numbers in the research firm’s three previous quarterly reports.
Overall sales growth in the year ended March 2011 was 8.7%, but this number mostly relates to gains in the volatile group insurance sector.
Within the individual retail insurance market, PFL says lump sum insurance sales increased by’… a fairly modest 4.5%’, while income protection sales grew by a ‘moderate’ 4.0% during the period.
These numbers follow PFL’s December 2010 reporting, where it says lump sum and income protection sales grew by approximately 3% and 2% respectively during the 2010 year.
With overall premium inflows continuing solid growth of 10.4%, the top-ranked insurers across market share and growth categories in the year to 31 March 2011 were:
Top 5 Companies Total Risk Premium Inflows (Market Share)
- NAB/MLC Group
- TOWER
- CommInsure
- OnePath
- AIA Australia
Top 5 Companies Total Risk Premium Inflows (Growth)
- TOWER
- AIA Australia
- BT/Westpac
- OnePath
- CommInsure
Top 5 Companies Total Risk Premium Sales (Market Share)
- TOWER
- OnePath
- NAB/MLC Group
- CommInsure
- AMP
Top 5 Companies Total Risk Premium Sales (Growth)
- AIA Australia
- AMP
- TOWER
- OnePath
- AXA Australia
Top 5 Companies Individual Risk Lump Sum Inflows (Market Share)
- NAB/MLC Group
- CommInsure
- OnePath
- AMP
- TOWER
Top 5 Companies Individual Risk Lump Sum Inflows (Growth)
- AIA Australia
- Zurich
- OnePath
- TOWER
- CommInsure
Top 5 Companies Individual Risk Lump Sum Sales (Market Share)
- OnePath
- NAB/MLC Group
- CommInsure
- TOWER
- AMP
Top 5 Companies Individual Risk Lump Sum Sales (Growth)
- AMP
- Zurich
- Suncorp Group
- OnePath
- AXA Australia
Top 5 Companies Individual Risk Income Protection Inflows (Market Share)
- NAB/MLC Group
- CommInsure
- AXA Australia
- OnePath
- Suncorp Group
Top 5 Companies Individual Risk Income Protection Inflows (Growth)
- BT/Westpac
- AIA Australia
- OnePath
- Zurich
- CommInsure
Top 5 Companies Individual Risk Income Protection Sales (Market Share)
- NAB/MLC Group
- OnePath
- CommInsure
- AXA Australia
- TOWER
Top 5 Companies Individual Risk Income Protection Sales (Growth)
- AIA Australia
- OnePath
- AXA Australia
- Zurich (equal third)
- BT/Westpac
Top 5 Companies Group Risk Inflows (Market Share)
- AIA Australia
- TOWER
- OnePath
- CommInsure
- National Australia/MLC Group
Top 5 Companies Group Risk Sales (Market Share)
- TOWER
- AIA Australia
- National Australia/MLC Group
- CommInsure
- OnePath
