Total risk market inflows rose from $15.4 billion the previous year up to $15.9 billion, according to a statement.
“Inflows into the lump sum sub-market grew by 3.5 per cent with most companies reporting at least some increase in business,” statement said.
“Among the market leaders, BT/Westpac (9.4 per cent), TAL (7.4 per cent) and Zurich (6.6 per cent) experienced the highest percentage increases in their inflows year on year.”
Strategic Insight noted that Macquarie Life is now included within figures relating to Zurich.
Risk income inflows increased 5.7 per cent over the year ending December 2016, the statement said.
AIA (17.7 per cent), TAL (14.2 per cent) and BT/Westpac (8.6 per cent) were the leading performers when it came to risk income premium inflows growth.
Overall, group risk premium inflows went up 2.3 per cent, with OnePath (13.6 per cent), AIA (10.8 per cent) and NAB/MLC (9.5 per cent) recording the largest growth in that segment.
I see from previous reports that new risk premiums are down so these increases are being delivered from the big price hikes the insurers have been hitting customers with. Wait for the LIF to really kick in and watch the insurers panic as new business goes through the floor. What then? More price hikes to increase premium flows creating more lapses?