AMP leads a rapidly growing risk insurance market
The risk insurance market has seen double-digit growth over the year to March 2012, with annual premiums jumping by around $6.8 billion in the last decade.
Plan For Life found risk premiums had grown by 11.8 per cent to $10.6 billion, with AIA Australia alone recording a massive 33 per cent jump.
The AMP Group, however, remains in the lead in terms of market share, with more than $1.6 billion in new premium inflows, followed relatively closely by MLC on almost $1.5 billion.
Other groups that recorded significant growth were CommInsure, TAL and Westpac.
Suncorp Australia appears to be the only insurer on Plan for Life's list of 10 biggest risk companies to record negative growth, with its premium inflows dropping by almost 10 per cent. Its overall sales, however, grew 33 per cent.
The Plan For Life findings correspond with a recent report by DEXX&R, which found sales of individual lump sum risk increased by 12.3 per cent to $1.15 billion over the 12 months to March 2012.
The report found total new disability premiums for the year had also grown, increasing 15.5 per cent to $425 million.
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