{"id":46510,"date":"2019-09-30T08:54:15","date_gmt":"2019-09-29T22:54:15","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=46510"},"modified":"2019-10-01T08:57:20","modified_gmt":"2019-09-30T22:57:20","slug":"top-5-life-insurers-dominate-australian-market","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/09\/30\/top-5-life-insurers-dominate-australian-market\/","title":{"rendered":"Top 5 Life Insurers Dominate Australian Market"},"content":{"rendered":"

The top five life insurance companies in Australia now dominate the market in 2019, new research shows.<\/span><\/p>\n

<\/p>\n

The five largest life insurers have gained an additional 19.2 percent of the total market in the past three years, according to <\/span>DEXX&R\u2019s Life Analysis Report based on data for the year ending June 2019.<\/span><\/p>\n

In June 2016 these insurers accounted for 66 percent of the total market.<\/span><\/p>\n

As at June 2019 the five largest life insurers account for over 85 percent of the total life insurance market measured by in-force premiums.<\/span><\/p>\n

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Source: DEXX&R Life Analysis Report June 2019<\/figcaption><\/figure>\n

The amount of new business continues to fall. For individual lump sum (Death, TPD and Trauma) the industry wrote $1.13 billion in new business in the 12 months ending June 2019, down 12.2 per cent on the $1.29 billion recorded in the year to June 2019. This is the lowest value of new sales recorded in the past five years.<\/span><\/p>\n

\u201c<\/span>The continued decrease in business is the result of lower sales through advice channels and the suspension or cessation of sales of direct lump sum products by several major life companies,\u201d the report stated. <\/span><\/p>\n

\u201c<\/span>This is the lowest level of sales in any June quarter over the past five years. With both AMP, one of Australia\u2019s largest life company\u2019s, and Asteron following its acquisition by TAL, now closed to new business there are now fewer life companies competing for new business than at any time in the past.\u201d<\/span><\/p>\n

Total risk in-force business (Individual and Group) written by life companies decreased for the year by 0.6 per cent to $15.8 billion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The top five life insurance companies in Australia now dominate the market in 2019, new research shows.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-46510","post","type-post","status-publish","format-standard","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46510","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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=46510"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46510\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=46510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=46510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=46510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}