{"id":69303,"date":"2024-01-09T13:13:56","date_gmt":"2024-01-09T03:13:56","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=69303"},"modified":"2024-01-15T08:59:01","modified_gmt":"2024-01-14T22:59:01","slug":"ip-sales-rebound","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/01\/09\/ip-sales-rebound\/","title":{"rendered":"IP Sales Rebound"},"content":{"rendered":"

Disability income sales have rebounded rising nearly 15% in the year to September 2023, according to new data from DEXX&R<\/a>.<\/p>\n

While DI sales rose, the latest data shows lump sum new business slipped slightly, which\u00a0 echoes a similar result in the year to June 2023 (See: IP New Business Up, Lump Sum Static<\/a>).<\/p>\n

The research firm\u2019s latest Life Analysis Report<\/em> for the 12 months to September 2023 found that disability income new business increased by 14.7% to $462 million over the year to September 2023, up from the $403 million recorded in the 12 months to September 2022.<\/p>\n

\"\"<\/a>DEXX&R\u2019s Managing Director, Mark Kachor<\/strong> told Riskinfo that the 14.7% increase in disability income new business included both CPI and age-related increases along with policyholders’ voluntarily increasing their coverage.<\/p>\n

…the 14.7% increase in disability income new business included both CPI and age-related increases…<\/p><\/blockquote>\n

Meanwhile, DEXX&R says that individual lump sum new business premium for the year ending September 2023 was down 1.3%.<\/p>\n

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

September Quarter Data<\/strong><\/p>\n

It says that during the September quarter individual lump sum new premium remained relatively flat falling by 0.1% to $237 million, $1 million less than the $238 million recorded in June 2023 quarter.<\/p>\n

September quarter sales of $237 million were 5.7% lower than the $252 million recorded in the September 2022 quarter.<\/p>\n

However the disability income new business in the September 2023 quarter of $138 million was up 17.3% from the $118 million recorded in the June 2023 quarter. September 2023 quarter sales were 23.4% higher than the $112 million recorded in the September 2022 quarter.<\/p>\n

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

The individual lump sum attrition rate was higher at 10.0% in September 2023 when compared to the 9.1% attrition rate at September 2022.<\/p>\n

DEXX&R\u2019s Attrition Rate for disability income business increased for the second year, up from the 9.3% recorded in June 2022 to 10.8% in September 2023.<\/p>\n

The firm says that DI discontinuances \u201c\u2026remain at historically low levels indicating that, notwithstanding the small increase during the year to September 2023, retention remains at a higher level than that applicable over most of the past 10 years.\u201d<\/p>\n

It notes that this trend is expected to continue \u201c\u2026as the terms and conditions offered by pre-APRA intervention products are significantly more favourable than those offered by current on sale products.\u201d<\/p>\n

\"\"<\/a>DEXX&R also notes that total individual risk new premiums increased by 3.5% in the year to September 2023 to $1.4 billion.<\/p>\n

Total risk in-force premium increased by 1.5% during the year ending September 2023, up from the $16.3 billion recorded at September 2022 to $16.5 billion at September 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Disability income sales have rebounded rising nearly 15% in the year to September 2023, according to new data from DEXX&R. While DI sales rose, the latest data shows lump sum new business slipped slightly, which\u00a0 echoes a similar result in the year to June 2023 (See: IP New Business Up, Lump Sum Static). The research […]<\/p>\n","protected":false},"author":24,"featured_media":69307,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-69303","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\/69303","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=69303"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/69307"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=69303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=69303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=69303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}