{"id":62629,"date":"2022-09-13T15:49:50","date_gmt":"2022-09-13T05:49:50","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=62629"},"modified":"2022-09-14T07:01:53","modified_gmt":"2022-09-13T21:01:53","slug":"stabilisation-in-the-direct-and-advised-life-insurance-markets-report","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/09\/13\/stabilisation-in-the-direct-and-advised-life-insurance-markets-report\/","title":{"rendered":"Stabilisation in the Direct and Advised Life Insurance Markets &#8211; Report"},"content":{"rendered":"<p>Latest research shows that following the dramatic falls in sales in both the direct and advised life insurance markets up to the end of 2019, some much-needed stabilisation has taken place, according to<a href=\"https:\/\/www.pflresearch.com\" target=\"_blank\" rel=\"noopener\"> Plan For Life<\/a>.<\/p>\n<p>The actuaries and research firm\u2019s <em>Direct Life Insurance Market Update 2022<\/em> points out that direct insurance sales dropped from $305.5 million in 2018, to $114 million in 2019, followed by $96.8 million in 2020 and $94 million in 2021.<\/p>\n<p>It says the first quarter 2022 produced around $18 million in sales, which is lower than the corresponding first quarter of 2021 ($22 million), \u201c\u2026but if trends follow those of the last two years, some catch-up can be expected over the rest of 2022, with $96.4 million currently forecast.\u201d<\/p>\n<p>Plan for Life says it has prepared a standard forecast model using a conservative approach which assumes a slow recovery from current sales-levels ($94m), improving to:<\/p>\n<ul>\n<li>$96.4m in 2022<\/li>\n<li>$121.0m in 2026<\/li>\n<li>$160.7m in 2031<\/li>\n<\/ul>\n<p>It says the standard forecast shows In Force Premium growing from $1,606.5m at the end of 2021 to $2,215.0m by the end of 2031.<\/p>\n<p>\u201cAn alternative high forecast model, which adopts a higher rate of sales recovery per insurer, with sales reaching $128.8m in 2026 and $174.4m in 2031.&#8221;<\/p>\n<p>The firm says the forecasts are based on each individual insurer\u2019s recent track record and type of sales channels used.<\/p>\n<p>Profiles were developed of lapse rates and net premium increase rates and a series of projected sales, net premium increases, lapses and In Force premiums developed in each case.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Latest research shows that following the dramatic falls in sales in both the direct and advised life insurance markets up to the end of 2019, some much-needed stabilisation has taken place, according to Plan For Life. The actuaries and research firm\u2019s Direct Life Insurance Market Update 2022 points out that direct insurance sales dropped from [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":62640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-62629","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/62629","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=62629"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/62629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/62640"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=62629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=62629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=62629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}