{"id":66624,"date":"2023-07-07T13:45:24","date_gmt":"2023-07-07T02:45:24","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=66624"},"modified":"2023-07-17T12:07:20","modified_gmt":"2023-07-17T01:07:20","slug":"mixed-results-for-risk-new-business-latest-data","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/07\/07\/mixed-results-for-risk-new-business-latest-data\/","title":{"rendered":"Mixed Results for Risk New Business – Latest Data"},"content":{"rendered":"

Total individual risk new premiums increased by 0.4% in the year to March 2023 to reach $1.4 billion, where lump sum new business sales dipped slightly, but IP new business increased, according to DEXX&R<\/a>.<\/p>\n

The research firm\u2019s Life Analysis Report<\/em> for the year to March 2023 says that lump sum new business sales for the year were down 1.7% to $960.7 million from the $977.3 million recorded in the year to March 2022.<\/p>\n

\"\"<\/a>
Courtesy of DEXX&R.<\/figcaption><\/figure>\n

During the March quarter individual lump sum new premium decreased by 9.9% to $221 million, $24 million less than the $245 million recorded in December 2022 quarter, the firm states.<\/p>\n

Although DEXX&R says the March quarter sales of $221 million were 0.7% lower than the $222 million recorded in the March 2022 quarter.<\/p>\n

\"\"<\/a>
Courtesy of DEXX&R<\/figcaption><\/figure>\n

As to individual lump sum discontinuances, the DEXX&R Attrition Rate (which calculates discontinuances as a percentage of in-force premiums) was slightly higher at 9.6% in March 2023 when compared to the 9.3% attrition rate at March 2022.<\/p>\n

\"\"<\/a>
Courtesy of DEXX&R<\/figcaption><\/figure>\n

Disability Income<\/strong><\/p>\n

DEXX&R says that in the year to March 2023 disability income new business increased by 5.6% to $419 million up from the $396 million\u00a0 recorded in the March 2022 year.<\/p>\n

\"\"<\/a>
Courtesy of DEXX&R.<\/figcaption><\/figure>\n

For the March quarter 2023 – disability income new business of $95 million was down 13.9% from the $111 million recorded in the December 2022 quarter.<\/p>\n

And March 2023 quarter sales were 1.3% lower than the $97 million recorded in the March 2022 quarter.<\/p>\n

Disability Income Discontinuances<\/strong><\/p>\n

The DEXX&R Attrition Rate for disability income business increased for the second year, up from the 9.4% recorded in March 2022 to 10.1% in March 2023.<\/p>\n

DEXX&R says discontinuances remain at historically low levels \u201c\u2026indicating that notwithstanding the small increase during the year to March 2022 retention remains at a higher level than that applicable over most of the past 10 years.\u201d<\/p>\n

It says this trend is \u201c\u2026expected to continue as the terms and conditions offered by pre-APRA intervention products are significantly more favourable than those offered by current onsale products.\u201d<\/p>\n

\"\"<\/a>Total risk in-force premium increased by 3.0% during the year ending March 2023, up from the $16.0 billion recorded at March 2022 to $16.5 billion at March 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Total individual risk new premiums increased by 0.4% in the year to March 2023 to reach $1.4 billion, where lump sum new business sales dipped slightly, but IP new business increased, according to DEXX&R. The research firm\u2019s Life Analysis Report for the year to March 2023 says that lump sum new business sales for the […]<\/p>\n","protected":false},"author":24,"featured_media":66640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-66624","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\/66624","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=66624"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/66624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/66640"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=66624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=66624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=66624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}