Group risk drives inflows
Risk insurance inflows continue to defy general market pessimism, with research house Plan for Life publishing new data which reveals life insurance risk market inflows grew by 12.6 per cent for the 12 months to September last year to $7 billion.
The data revealed the main beneficiaries of the inflows had been MetLife, where inflows had improved by 29 per cent, AIG Life, where inflows improved by 24.6 per cent, CommInsure, where inflows picked up 17.9 per cent, ING Australia, which improved 15.2 per cent, and Tower, which improved 12.5 per cent.
It said sales in the market were also up by 10.3 per cent, led by AIG with growth of 42.2 per cent, Tower with 25.6 per cent, Metlife with 21.8 per cent, CommInsure with 14.6 per cent, ING with 11.5 per cent, and AXA with 11.5 per cent.
Most of the market growth was driven by group risk, which was up by 16.1 per cent, with individual risk up 11.9 per cent.
In the group risk market the way was led by Metlife with growth of 31.5 per cent, followed by CommInsure with 24 per cent, Suncorp with 21.7 per cent, AIG with 18 per cent, ING with 17 per cent, and Tower with 14 per cent.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.