The risk insurance sector has experienced a significant drop in sales for the year ending September 2015, an industry review by Plan For Life has found.
According to Plan For Life, overall sales in the risk market dropped by 23.7 per cent for the year.
Among the insurers that reported "very substantial" decreases in risk sales were MetLife and TAL, both reporting drops of 71 per cent and 60 per cent respectively.
Plan For Life also found that AIA experienced a decrease of 37.3 per cent and AMP saw sales drop 22.7 per cent.
The research house noted, however, that the falls in sales were "primarily concentrated" in the group insurance market, not the retail market.
Plan For Life also found that over the year, the risk sector experienced an increase in premium inflows of 7.1 per cent to $15.2 billion.
Among the insurers that experienced the greatest inflows were BT (13.5 per cent), MetLife (12.1 per cent), OnePath (11.7 per cent) and AIA (9 per cent).
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 11 Dec 2018ASIC cancels AFSL of Queensland groupBy Eliot Hastie
- 11 Dec 2018Liberal Party has done ‘almost nothing’ for advisersBy James Mitchell
- 11 Dec 2018Better advice complaints resolution needed, says ASICBy Adrian Flores
- 11 Dec 2018Wealth management holders unlikely to seek adviceBy Sarah Simpkins
- 10 Dec 2018Only 12% of advice practices have exit plansBy Adrian Flores
- 10 Dec 2018CIPRs need to account for future mortality rates, study findsBy Adrian Flores
- view all