{"id":7127,"date":"2010-07-19T09:52:45","date_gmt":"2010-07-18T23:52:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=7127"},"modified":"2020-02-06T08:11:05","modified_gmt":"2020-02-05T21:11:05","slug":"life-insurance-market-continues-growth","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/07\/19\/life-insurance-market-continues-growth\/","title":{"rendered":"Life Insurance Market Continues Growth"},"content":{"rendered":"<p>Plan For Life (PFL) reports continuing growth in the life insurance sector in the year to March 2010, but also highlights a sharp decline in group risk sales during the period.<\/p>\n<p><!--more-->Overall life insurance premium inflows (inforce and single premiums) increased by almost 11% in the year to 31 March 2010, but sales in the period experienced a net 6.7% decline, due to a 32% drop in\u00a0the group risk sector.\u00a0 PFL explains:<\/p>\n<p><em>&#8220;&#8230; the main cause of this apparent fall in overall Risk sales was in fact the sharp&#8230; decline in Group Risk sales which by their very nature can tend to be volatile and cyclical being largely dependent on the number and size of the various Group Insurance mandates that are up for their regular remarketing at any point in time.&#8221;<\/em><\/p>\n<p>riskinfo notes the 32% drop in group risk sales for this reporting period was balanced by the\u00a0huge leap of 29.5% in sales in the group risk market in the year ended 31 December 2009.<\/p>\n<p>PFL also cautioned that changed reporting from one key insurer may also have had an impact on the group risk sales numbers for the twelve months to 31 March.<\/p>\n<p>According to PFL, the highest premium inflow growth for the period was\u00a0at TOWER Australia, NAB\/MLC, AMP, ING Australia, BT\/Westpac and AIA Australia, each of whom experienced double-digit growth, while TOWER, NAB\/MLC and BT\/Westpac had the highest sales growth in the year to 31 March.<\/p>\n<p>Top-ranked insurers across market share and growth categories in the year to 31 March 2010,\u00a0were:<\/p>\n<p>Top 5 Companies\u00a0<strong>Total Risk Premium Inflows<\/strong> (<em>Market Share<\/em>)<\/p>\n<ul>\n<li>National Australia\/MLC Group (data now includes Aviva)\u00a0<\/li>\n<li>CommInsure<\/li>\n<li>ING<\/li>\n<li>TOWER<\/li>\n<li>AMP<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Total Risk Premium<\/strong> <strong>Inflows<\/strong> (<em>Growth<\/em>)<\/p>\n<ul>\n<li>TOWER<\/li>\n<li>NAB\/MLC<\/li>\n<li>AMP<\/li>\n<li>ING\u00a0Australia<\/li>\n<li>BT\/Westpac<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Total Risk Premium<\/strong> <strong>Sales<\/strong> <em>(Market Share)<\/em><\/p>\n<ul>\n<li>National Australia\/MLC Group<\/li>\n<li>TOWER<\/li>\n<li>CommInsure<\/li>\n<li>ING<\/li>\n<li>AXA<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Total Risk Premium<\/strong> <strong>Sales<\/strong> <em>(Growth)<\/em><\/p>\n<ul>\n<li>TOWER<\/li>\n<li>National Australia\/MLC Group<\/li>\n<li>BT\/Westpac<\/li>\n<li>Hallmark<\/li>\n<li>AXA<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Individual Risk Lump Sum Inflows<\/strong> <em>(Market Share)<\/em><\/p>\n<ul>\n<li>National Australia\/MLC Group<\/li>\n<li>CommInsure<\/li>\n<li>ING<\/li>\n<li>AMP<\/li>\n<li>TOWER<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Individual Risk Lump Sum<\/strong> <strong>Inflows<\/strong> <em>(Growth)<\/em><\/p>\n<ul>\n<li>AIA<\/li>\n<li>TOWER<\/li>\n<li>ING<\/li>\n<li>CommInsure<\/li>\n<li>NAB\/MLC<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Individual Risk Lump Sum<\/strong> <strong>Sales<\/strong> <em>(Market Share)<\/em><\/p>\n<ul>\n<li>National Australia\/MLC Group<\/li>\n<li>CommInsure<\/li>\n<li>ING<\/li>\n<li>TOWER<\/li>\n<li>AMP<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Individual Risk Lump Sum<\/strong> <strong>Sales<\/strong> <em>(Growth)<\/em><\/p>\n<ul>\n<li>AXA<\/li>\n<li>TOWER<\/li>\n<li>Hallmark<\/li>\n<li>AMP<\/li>\n<li>ING<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Individual Risk Income Protection<\/strong> <strong>Inflows<\/strong> <em>(Market Share)<\/em><\/p>\n<ul>\n<li>National Australia\/MLC Group<\/li>\n<li>AXA<\/li>\n<li>CommInsure<\/li>\n<li>Suncorp Group<\/li>\n<li>ING<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Individual Risk Income Protection<\/strong> <strong>Inflows<\/strong> <em>(Growth)<\/em><\/p>\n<ul>\n<li>BT\/Westpac<\/li>\n<li>AIA<\/li>\n<li>ING<\/li>\n<li>CommInsure<\/li>\n<li>National Australia\/MLC Group<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Individual Risk Income Protection<\/strong> <strong>Sales<\/strong> <em>(Market Share)<\/em><\/p>\n<ul>\n<li>National Australia\/MLC Group<\/li>\n<li>ING<\/li>\n<li>CommInsure<\/li>\n<li>AXA<\/li>\n<li>AMP<\/li>\n<\/ul>\n<p>Top 5 Companies<strong> Individual Risk Income Protection<\/strong> <strong>Sales<\/strong> <em>(Growth)<\/em><\/p>\n<ul>\n<li>Macquarie Life<\/li>\n<li>AXA<\/li>\n<li>BT\/Westpac<\/li>\n<li>ING<\/li>\n<li>TOWER<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Group Risk<\/strong> <strong>Inflows<\/strong> <em>(Market Share)<\/em><\/p>\n<ul>\n<li>AIA Australia<\/li>\n<li>TOWER<\/li>\n<li>ING<\/li>\n<li>CommInsure<\/li>\n<li>National Australia\/MLC Group<\/li>\n<\/ul>\n<p>Top 5 Companies <strong>Group Risk Sales<\/strong> <em>(Market Share)<\/em><\/p>\n<ul>\n<li>TOWER<\/li>\n<li>National Australia\/MLC Group<\/li>\n<li>CommInsure<\/li>\n<li>AIA Australia<\/li>\n<li>ING<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Plan For Life (PFL) reports continuing growth in the life insurance sector in the year to March 2010, but also highlights a sharp decline in group risk sales during the period.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-7127","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7127","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=7127"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7127\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=7127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=7127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=7127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}