Overall life insurance risk premium inflows have continued to grow year on year but slowed during the 2016 calendar year to a modest 3.4% growth rate, according to data released by Strategic Insight.<\/p>\n
This growth was sufficient to push inflows close to the $16 billion mark ($15.89 billion) for the past year during which Zurich posted inflow growth of 63.8% \u2013 driven by the merger of the acquired Macquarie business, well ahead of the next largest growth of 12.1% for AIA Australia.<\/p>\n
In its market overview of inflows and sales for the 12 months to the end of December 2016 Strategic Insight also reported that Total Risk Premium Sales fell 12.2% over the calendar year but that AIA Australia and Zurich posted strong increases of 37.1% and 16%, respectively, in this area. No other insurers posted higher than single figures with most recording negative premium sales growth.<\/p>\n
In the Individual Risk Lump Sum market premium inflows grew at 3.6% led by Zurich (67.9%), ClearView (22.8%) and AIA Australia (15.3%) while CommInsure recorded a fall of -3.7%.<\/p>\n
Individual Risk Lump Sum sales decreased by 4.1% year on year but ClearView, AIA and Zurich moved in the other direction with 15.6%, 8.4% and 6.9% growth respectively. At the opposite end, Suncorp (-18.3%) and OnePath (-9.8%) reported decreases in their annual sales.<\/p>\n
Individual Risk Income Market inflows were up 5.7% over the past year while overall Individual Risk Income Sales increased 4.9% over the last twelve months. Zurich (106.5%), ClearView (54.6%), AIA (17.7%) all recorded significant double digit increases and were the top three for inflows, as well as for new sales – Zurich (43.9%), AIA (29.4%), ClearView (28.6%).<\/p>\n
Group Risk Inflows rose marginally at 2.2 % year on year with One Path (13.6%) and AIA Australia (10.8%) leading the growth in that market while Group Risk New Premium Sales dropped by 33.4% off the back of a very limited number of sales in this area.<\/p>\n
Strategic Insight reported that only two insurers – AIA Australia and NAB\/MLC, posted positive growth in this area while TAL, which had posted strong growth in this area in the past two years reported a 98.3% decline in sales<\/p>\n
\u201cThis again reflects the importance of business \u201cchurn\u201d from one company to another due to remarketing exercises that are a feature of this volatile market,\u201d Strategic Insight stated.<\/p>\n","protected":false},"excerpt":{"rendered":"
Overall life insurance risk premium inflows have continued to grow year on year but slowed during the 2016 calendar year to a modest 3.4% growth rate, according to data released by Strategic Insight.<\/p>\n","protected":false},"author":3,"featured_media":36826,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[4247],"class_list":["post-36823","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-products","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36823","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=36823"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/36826"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=36823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=36823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=36823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}