Strategic Insight’s latest figures also show individual risk lump sum premium inflows grew by two per cent with mostly positive company-level results.
Among the market leaders, TAL (5.5 per cent), Zurich (3.4 per cent) and Suncorp (2.2 per cent) experienced the highest percentage increases in their Inflows, with smaller players such as ClearView (14.1 per cent) and AIA (11.7 per cent) also reporting impressive growth.
However, risk income premium inflows experienced higher growth than the lump sum market, up 3.3 per cent over the past years.
Among the better performer in this segment in percentage terms were TAL (11.6 per cent) and AIA (8.5 per cent).
Overall group risk premium inflows grew by 0.9 of a percentage point over the past years, although individual company results varied significantly.
“Of the larger companies, AIA (7.6 per cent) and OnePath (6.4 per cent) recorded well above-average percentage increases in their annual group risk Inflows,” Strategic Insight said.
“It should be noted that individual company growth can be significantly impacted by super fund insurance mandate movements.”
2 comments:
1. Inflow increase does not equal new business, more a reflection of the continually growing exorbitant premiums these crooks are charging, including increasing supposedly ‘level’ premium base rates;
2. so much for them being barely existing with reducing profits, as they unfortunately successfully lied to politicians (with ASIC’s corrupt assistance) in the LIF fiasco. Reduced comm’s, grossly higher premiums for clients and insane profits for these thieves.
You are so correct! You are never supposed to move insurance cover (churning), but everyone bar one or two companies are continually increasing their level premiums.
Commissions come down but premiums suddenly skyrocket, interesting.
Yep, age-based (stepped) for an ageing population, PLUS CPI increases
I also remember circa 2011-2012, when one major insurer increased premiums on doctors by up to 40% in a single year(!). Suck them in on lower premiums and loose underwriting, then hit them where it hurts
What a gravy train
Dear FSC, please tell us again how everyone is under-insured
Can’t wait for when an Amazon-type insurer will come in and blow these guys out of the water