Double-digit growth for life risk market
The life risk market has again recorded double-digit growth, with premium inflows rising by 11.9 per cent over the 2011/12 financial year, according to research from Plan For Life.
The report found the total risk market now stands at $10.9 billion, up from $9.7 billion in June 2011.
Suncorp remained the only group in the 10 largest insurance companies to have suffered a fall in premium inflows (-6.9 per cent) and a slight fall in market share, though it is still ahead of BT Financial Group and Zurich.
The two top companies, AMP and MLC, lost a small slice of market share in favour of CommInsure group (21.6 per cent growth in premiums), TAL, AIA Australia (33.5 per cent premium growth) and BTFG, which recorded 18.3 per cent growth in premiums.
According to figures released by Plan for Life, individual risk lump sum still makes up the largest part of the total market, though group risk continues to grow as well.
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The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
