Life insurance risk premium inflows have continued to increase year on year while sales in this market have continued to decrease, according to data released by Plan for Life.<\/p>\n
In its most recent overview of inflows and sales for the 12 months to March 2016, Plan for Life reported that inflows increased 6.2% while sales were down 5.9%.<\/p>\n
Of the life insurers which recorded growth in that period TAL lead the way with 18.2% growth, followed by AIA (16.4%), BT \/ Westpac (13.0%), OnePath Australia (9.6%) and Zurich (9.5%).<\/p>\n
TAL also led the market in the area of sales, which, across the board, suffered a 5.9% decrease due to a 16.7% fall in new group risk sales, but was partially offset by TAL reporting a large jump in sales of 149.2%, most of it in the group risk sector.<\/p>\n
The remaining sales increases came for Zurich (6.3%) and OnePath (6.2%) which recorded higher risk sales year on year while CommInsure (-42.7%), Suncorp (-24.7%), AMP (-22.9%) and National Australia \/ MLC (-16.5%) all recorded double digit percentage falls in their sales over the same period.<\/p>\n
Looking into the market sectors, Plan For Life reported the Individual Risk Lump Sum Market grew by 5.3% with most companies reporting increases in inflows for the year to the end of March 2016, led by AIA (17.1%), Zurich (11.1%) and BT \/ Westpac (8.3%)<\/p>\n
Risk Lump Sum Sales were changed little, down by 1.1% with a number of insurers recording moderate increases including ClearView (14.0%), AIA (13.2%) and Zurich (5.4%).<\/p>\n
CommInsure did not record any positive numbers with a 2.2% decline in inflows and a 14.6% decline in sales for the year to the end of March 2016.<\/p><\/blockquote>\n
CommInsure did not record any positive numbers with a 2.2% decline in inflows and a 14.6% decline in sales for the year to the end of March 2016.<\/p>\n
In the Individual Risk Income Market inflows were up by 6.8% with a number of insurers reporting double digit percentage increases including BT\/Westpac (17.7%), AIA (16.5%), Zurich (16.4%), Macquarie (15.6%), TAL (12.6%) and OnePath (10.5%).<\/p>\n
Sales in this sector were up by 3.5% with Clearview reporting a 40.9% increase in sales, followed by AIA (29.5%), OnePath (15.9%), TAL (15.3%), Zurich (11.5%) and National Australia \/ MLC (10.3%), while AMP (-26.3%) and Suncorp (-17.7%) saw drastic falls in their sales.<\/p>\n
Group Risk Market inflows were similar to the individual market at 6.9% with BT\/Westpac reporting 130.4% growth, which Plan For Life attributed to coming of a lower bases compared to TAL which reported a 24.8% growth and AIA with 16.3% growth.<\/p>\n
As indicated earlier sales in this sector dropped by 16.7%, continuing a trend which Plan For Life stated that been going for two years and had led to a total fall in Group Risk Sales over that time of around a third.<\/p>\n
Despite this TAL recorded a large percentage increase (8108%) to both overturn its lack of group risk sales in the previous 12 months and to return its sales to a normal level, something which did not occur for a number of insurers which experience large double digit decreases in sales, including CommInsure (-68.3%), AMP (-64.1%), National Australia \/ MLC (-46.1%), MetLife (-40.9%) and AIA (-10.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"
Life insurance risk premium inflows have continued to increase year on year while sales in this market have continued to decrease, according to data released by Plan for Life.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,4],"tags":[],"class_list":["post-33736","post","type-post","status-publish","format-standard","category-claims","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=33736"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33736\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=33736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=33736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=33736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}