Risk premium inflows rise as new sales drop
Overall inflows into the life insurance risk market continued to climb in 2015, but new premium sales fell by 9 per cent, according to a report by Plan For Life.
Several top providers experienced increases in their risk businesses, including TAL which grew by 19.3 per cent and Westpac by 13.4 per cent. MetLife also saw its inflows rise by 11.7 per cent, while OnePath grew by 11.5 and AIA Australia by 10.5 per cent.
The life insurance risk market is comprised of both individual risk lump sum and risk income insurance plus group risk insurance, the report said.
Three insurers managed to record double-digit percentage increases in their annual risk sales, despite new premium sales falling by 9 per cent year-on-year. MetLife's sales grew by 25.3 per cent, while TAL's sales grew by 14.4 and OnePath by 11.5 per cent.