Life insurance risk market inflows up by 16 per cent
Life insurance risk market inflows increased by 16.1 per cent to $7.6 billion for the 12 months to March 2009, according to researcher Plan for Life.
AIA Australia, BT/Westpac, CommInsure, Aviva, ING Australia, AMP and National Australia Bank/MLC all posted double digit increases in premium inflows for the year.
AIA posted a stellar 93 per cent increase, the best in the inflows category, although the Plan for Life research does not give a reason for this.
Overall, sales in the life insurance risk market jumped 24.5 per cent during the year, with AIA again posting a stand-out 227 per cent increase.
Inflows into the individual risk lump sum market (term life, total and permanent disablement and trauma insurance) were up 13.7 per cent in the year.
All companies reported double digit inflows growth in this category, including AMP on 18 per cent, BT/Westpac on 16.8 per cent and Aviva on 15.6 per cent.
Sales of individual risk lump sum business grew by 18.7 per cent for the year, with Asteron growing by 29.3 per cent and CommInsure by 28.5 per cent.
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