Risk market grows further 10%
The life insurance risk market has again recorded double-digit growth, with most risk companies achieving impressive results over the past year, according to research from Plan For Life.
Total inflows grew by 10.4 per cent in 2011 and all sectors - individual risk lump sum, income and group risk - almost equally contributed to the end result.
AMP has retained its top spot on the market share front, though closely followed by MLC, CommInsure and TAL.
Suncorp is the only insto in the top 10 to have suffered a fall (8.7 per cent) in total premiums, despite its new risk business growing almost 30 per cent over the past year.
MetLife Insurance has recorded a 656 per cent growth in new business, though off a very low base, according to Plan for Life.
The risk market in Australia now stands at $10.3 billion, up from $9.3 in December 2010.
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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.
