{"id":37488,"date":"2017-06-23T14:10:36","date_gmt":"2017-06-23T04:10:36","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37488"},"modified":"2017-06-27T20:14:18","modified_gmt":"2017-06-27T10:14:18","slug":"new-life-insurance-sales-buck-two-year-downward-trend","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/06\/23\/new-life-insurance-sales-buck-two-year-downward-trend\/","title":{"rendered":"New Life Insurance Sales Buck Two Year Downward Trend"},"content":{"rendered":"<p>Sales of individual Death, TPD and Trauma insurance have bucked a long-running trend of decreases with an increase 2.2% per annum for the year to the end of March 2017, according to\u00a0the latest Life Analysis Report released by <a href=\"http:\/\/www.dexxr.com.au\/\" target=\"_blank\">DEXX&amp;R.<\/a><!--more--><\/p>\n<p>The report stated the life insurance sector wrote $1.33 billion of lump sum new business in the 12 months to the March 2017, up from the $1.3 billion recorded for the year to the end of March 2016.<\/p>\n<p>The growth trend continued during the March 2017 quarter where new individual lump sum business was $307 million, an increase of $29 million, or 10.4%, on the March 2016 quarter of $278 million in new business.<\/p>\n<p>DEXX&amp;R stated this growth came despite the March quarter traditionally being the lowest recorded in a year and the increase provides a strong basis for continued growth in lump sum business during 2017.<\/p>\n<h6>&#8220;The continued fall in Lump Sum and Disability discontinuance rates&#8230;indicates that the industry is improving retention with a commensurate improvement in profitability.&#8221;<\/h6>\n<p>Individual lump sum discontinuances also continued to fall away after peaking during March 2013 at 15.9%, dropping to 13.6% at the end of the March 2017 quarter.<\/p>\n<p>Disability Income new business also increased, up 5.9 per cent to $518 million over the year to March 2017 compared to the $489 million recorded in the twelve months to March 2016, however, it fell to $111 million, or by 18.9%, in the March 2017 quarter compared to the $137 million recorded in the December 2016 quarter.<\/p>\n<p>Disability income discontinuances also dropped off from its March 2013 peak of 16% continuing a four year trend and moving from 13.9% at March 2016 to 13.6% at March 2017.<\/p>\n<p>\u201cThe continued fall in Lump Sum and Disability discontinuance rates during both periods of growth and flat or falling sales indicates that the industry is improving retention with a commensurate improvement in profitability. The current attrition rate is now similar to that last recorded March 2009,\u201d DEXX&amp;R stated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sales of individual Death, TPD and Trauma insurance have bucked a long-running trend of decreases with an increase 2.2% per annum for the year to the end of March 2017, according to\u00a0the latest Life Analysis Report released by DEXX&amp;R.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-37488","post","type-post","status-publish","format-standard","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37488","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=37488"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37488\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}