{"id":43422,"date":"2019-01-21T17:20:17","date_gmt":"2019-01-21T07:20:17","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=43422"},"modified":"2019-01-23T06:49:46","modified_gmt":"2019-01-22T20:49:46","slug":"risk-inflows-up-but-sales-down-2","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/01\/21\/risk-inflows-up-but-sales-down-2\/","title":{"rendered":"Risk Inflows Up, But Sales Down"},"content":{"rendered":"<p>Quarterly data released by <a href=\"http:\/\/www.pflresearch.com\/\" target=\"_blank\" rel=\"noopener\">Strategic Insight<\/a> has revealed a sluggish retail life insurance market for the 12 months to September 2018.<\/p>\n<p><!--more-->While overall risk premium inflows (which include both new and inforce business) increased by a small margin (1.7%) during the year to September 2018, annual risk market sales fell by just over two percent.<\/p>\n<p>Focussing on the individual product markets, Strategic Insight reports year on year sales for term life, TPD and trauma insurance fell by 7.6% to 30 September 2018.<\/p>\n<p>Companies doing best during this period included:<\/p>\n<ul>\n<li>AIA Australia &#8211; up 7.8%<\/li>\n<li>Zurich &#8211; up 3.8%<\/li>\n<li>ClearView Life &#8211; up 1.1%<\/li>\n<\/ul>\n<p>Double digit falls, however, were experienced by:<\/p>\n<ul>\n<li>BT\/Westpac &#8211; down 23.3%<\/li>\n<li>MLC Life Insurance &#8211; down 15.3%<\/li>\n<li>OnePath &#8211; down 10.8%<\/li>\n<\/ul>\n<p>Looking at the individual income protection insurance market to 30 September 2018, where new business sales dropped by 6.2% for the year, best performers included:<\/p>\n<ul>\n<li>CommInsure &#8211; up 21.3%<\/li>\n<li>AMP &#8211; up 18.9%<\/li>\n<li>Zurich &#8211; up 2.3%<\/li>\n<\/ul>\n<p>Meanwhile, significant falls in individual IP sales were experienced by:<\/p>\n<ul>\n<li>MLC Life Insurance &#8211; down 27.5%<\/li>\n<li>BT\/Westpac &#8211; down 20.8%<\/li>\n<li>OnePath &#8211; down 10.4%<\/li>\n<\/ul>\n<p>Overall reductions in individual lump sum and IP business were offset by a significant increase in group life insurance sales, which grew by a spectacular 26.3% during the year to September 2018, contributing to a 2.1% growth in overall risk new business sales.<\/p>\n<p>BT\/Westpac and AIA Australia led the way in group risk sales increases for the period, while TAL Group and AMP experienced significant reductions in sales growth.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quarterly data released by Strategic Insight has revealed a sluggish retail life insurance market for the 12 months to September 2018.<\/p>\n","protected":false},"author":3,"featured_media":43428,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[4247],"class_list":["post-43422","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43422","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=43422"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/43428"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=43422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=43422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=43422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}