The individual risk income insurance market experienced significant sales growth over the past year, according to the latest Life Insurance Risk Premium Inflows & Sales data from Plan for Life.
After two relatively slow periods (ending December 2010 and March 2011), the researcher reports sales of individual income insurance have jumped by 18.7% year on year for the period ending June 2011. Similarly, inflows in this market grew by 12.3%, up from 9.5% in March.
Overall, the researcher reported that total growth in inflows for the life insurance market (including group and individual products) remained steady at 10% for the 12 months to June 2011.
New premium sales growth for the total insurance market was slightly down on March, reaching 6.1% year on year.
Plan for Life said that premium inflows into the individual lump sum market continued to experience solid growth and overall were up another 9.1% over the last twelve months, and sales up 5.9%. In contrast, sales in the group risk market were flat, down by 0.4% on the past twelve months.
The top-ranked insurers across market share and growth categories in the year to 30 June 2011 were:
Top 5 Companies Total Risk Premium Inflows (Market Share)
- AMP
- National Australia/MLC
- TAL
- CommInsure
- OnePath
Top 5 Companies Total Risk Premium Inflows (Growth)
- TAL
- Zurich
- AIA
- BT/Westpac
- OnePath
Top 5 Companies Total Risk Premium Sales (Market Share)
- AMP
- TAL
- OnePath
- National Australia/MLC
- CommInsure
Top 5 Companies Total Risk Premium Sales (Growth)
- AMP
- Suncorp
- OnePath
- BT/Westpac
- Comminsure
Top 5 Companies Individual Risk Lump Sum Inflows (Market Share)
- AMP
- National Australia/MLC
- CommInsure
- OnePath
- TAL
Top 5 Companies Individual Risk Lump Sum Inflows (Growth)
- AIA
- Zurich
- Suncorp
- BT/Westpac
- CommInsure
Top 5 Companies Individual Risk Lump Sum Sales (Market Share)
- AMP
- OnePath
- CommInsure
- National Australia/MLC
- TAL
Top 5 Companies Individual Risk Lump Sum Sales (Growth)
- Suncorp
- AMP
- AIA
- Zurich
- BT/Westpac
Top 5 Companies Individual Risk Income Protection Inflows (Market Share)
- National Australia/MLC
- AMP
- CommInsure
- OnePath
- Suncorp
Top 5 Companies Individual Risk Income Protection Inflows (Growth)
- BT/Westpac
- AIA
- OnePath
- Zurich
- TAL
Top 5 Companies Individual Risk Income Protection Sales (Market Share)
- AMP
- National Australia/MLC
- OnePath
- CommInsure
- TAL
Top 5 Companies Individual Risk Income Protection Sales (Growth)
- OnePath
- AIA
- TAL
- BT/Westpac
- Zurich
Top 5 Companies Group Risk Inflows (Market Share)
- AIA
- TAL
- OnePath
- CommInsure
- AMP
Top 5 Companies Group Risk Sales (Market Share)
- TAL
- AMP
- AIA
- CommInsure
- National Australia/MLC
