Risk insurance sees another jump
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.
According to latest data from Plan For Life, risk premiums have 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 tremendous 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.
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
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.
