{"id":68043,"date":"2023-10-09T08:40:39","date_gmt":"2023-10-08T22:40:39","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=68043"},"modified":"2024-10-30T08:39:55","modified_gmt":"2024-10-29T22:39:55","slug":"ip-new-business-up-lump-sum-static-latest-data","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/10\/09\/ip-new-business-up-lump-sum-static-latest-data\/","title":{"rendered":"IP New Business Up, Lump Sum Static – Latest Data"},"content":{"rendered":"

While disability income new business jumped by nearly 10% in the year to June 2023, individual risk lump sum new business was static, according to new analysis.<\/p>\n

DEXX&R\u2019s<\/a> latest Life Analysis Report<\/em> for the 12 months ending June 2023 found that disability income new business rose by 9.6% to $436 million, up from the $398 million recorded in the 12 months to June 2022.<\/p>\n

In the June 2023 quarter, disability income new business was $118 million, 17.1% higher than the $101 million recorded in the June 2022 quarter (see: Mixed Results for Risk New Business<\/a>).<\/p>\n

\"\"<\/a>However individual risk lump sum new business slipped just 0.7% to $955.3 million from the $961.6 million recorded in the year to June 2022.<\/p>\n

The research firm says that during the June quarter individual lump sum sales of $238 million were 2.2% lower than the $243 million recorded in the June 2022 quarter.<\/p>\n

\"\"<\/a><\/p>\n

Individual Lump Sum Discontinuances<\/strong><\/p>\n

The DEXX&R Attrition Rate calculates discontinuances as a percentage of in-force premiums and the the firm says the attrition rate for individual lump sum was higher at 10% in June 2023 when compared to the 9.1% attrition rate at June 2022.<\/p>\n

The Attrition Rate for disability income business increased for the second year, up from the 9.3% recorded in June 2022 to 10.6% in June 2023.<\/p>\n

The firm notes that disability income 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

The firm says this trend is expected to continue “…as the terms and conditions offered by pre-APRA intervention products are significantly more favourable than those offered by current on sale products.”<\/p>\n

\"\"<\/a>Total Risk In-Force Premium<\/strong><\/p>\n

DEXX&R notes that total risk in-force premium increased by 2.2%, up from the $16.1 billion recorded at June 2022 to reach $16.4 billion at June 2023.<\/p>\n

Total individual risk new premiums increased by 2.4% in the year to June 2023 to $1.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

While disability income new business jumped by nearly 10% in the year to June 2023, individual risk lump sum new business was static, according to new analysis. DEXX&R\u2019s latest Life Analysis Report for the 12 months ending June 2023 found that disability income new business rose by 9.6% to $436 million, up from the $398 […]<\/p>\n","protected":false},"author":24,"featured_media":68050,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-68043","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\/68043","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=68043"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/68050"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=68043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=68043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=68043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}