Risk-focused advisers are generally optimistic about writing increased levels of life insurance business 2016.
Responding to our recent riskinfo reader survey, more than half of all advisers (53%) said they expect the amount of life insurance business they will submit in 2016 will increase. Almost three in ten (29%) believe the amount of risk business they write will stay the same in 2016, while only 18% of advisers taking our survey think they will write less risk business this year.
…only 18% of advisers … think they will write less risk business this year.
Of those who said they expected their risk new business levels to increase, 45% projected the increase would be between 11% – 20%, while one in four expected they would increase their life risk business levels by 21% – 30%.
Meanwhile, most advisers expecting a drop in risk new business levels generally felt the reduction would be pegged between 11% – 20% or 21% – 30%.
These results have occurred at a time of great uncertainty within Australia’s life insurance industry, where the full impact of the new Life Insurance Framework, which has yet to commence its three-year transition period, and the Future of Financial Advice reforms, will not become known for some time.
Our next riskinfo poll will address this outcome and offer advisers the opportunity to have their say about how the see the year ahead, and why. We will also report other interesting results from our reader survey over the coming weeks, including how advisers say the product manufacturers can best support thems in serving the needs and interests of their clients.
