{"id":73652,"date":"2024-10-15T09:14:04","date_gmt":"2024-10-14T23:14:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=73652"},"modified":"2024-10-29T11:57:37","modified_gmt":"2024-10-29T01:57:37","slug":"lump-sum-and-ip-new-business-slip-further","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/10\/15\/lump-sum-and-ip-new-business-slip-further\/","title":{"rendered":"Lump Sum and IP New Business Slip Further"},"content":{"rendered":"

Total individual risk new premium decreased by 8.5% in the year to June 2024 to $1.27 billion, according to DEXX&R<\/a>\u00a0 latest Life Analysis Report.<\/p>\n

This follows a 3.4% decrease in total individual risk new premiums in the year to March 2024, although disability income new business was up by 6.6% in that March year, following green shoots seen in the year to December 2023 when disability income new business increased by 7.3%.<\/p>\n

For the latest June 2024 year DEXX&R notes that individual risk lump sum new business was down 10.3% to $857 million from the $955 million recorded in the year to June 2023.<\/p>\n

Disability income new business decreased by 4.5% to $411 million over the year to June 2024, down from the $431 million recorded in the 12 months to June 2023.<\/p>\n

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

\"\"<\/a>\"\"<\/a>Quarterly results<\/strong><\/p>\n

The June 2024 quarter data saw individual lump sum new premium increase by 5.7% to $208 million, $11 million more than the $197 million recorded in March 2024 quarter.<\/p>\n

Although disability income new business in the June 2024 quarter of $78 million was down 14.8% from the $91 million recorded in the March 2024 quarter.<\/p>\n

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

Individual lump sum discontinuances saw the Attrition Rate increase to 10.4% in June 2024, up from 10.0% a year earlier while the DEXX&R Attrition Rate for disability income business increased to 11.3% in June 2024, up from 10.6% at June 2023.<\/p>\n

The firm says that discontinuances continue to climb from the 8.8% low recorded in June 2021 immediately prior to the release of a new range of disability income products following the APRA intervention and release of conforming products in 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Total individual risk new premium decreased by 8.5% in the year to June 2024 to $1.27 billion, according to DEXX&R\u00a0 latest Life Analysis Report. This follows a 3.4% decrease in total individual risk new premiums in the year to March 2024, although disability income new business was up by 6.6% in that March year, following […]<\/p>\n","protected":false},"author":24,"featured_media":73664,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-73652","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\/73652","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=73652"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/73652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/73664"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=73652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=73652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=73652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}