The risk insurance market experienced an increase in premium inflows for the year ending 31 March 2015 to hit $14.5 billion, an industry review by Plan For Life has found.
According to Plan For Life, premium inflows increased by 9.4 per cent over the 12 months.
Among the medium- to large-sized companies AIA (20.2 per cent), MetLife (15 per cent), BT/Westpac (13.7 per cent), OnePath (9.9 per cent) and CommInsure (8.3 per cent) recorded the highest growth.
However, Plan For Life said year-on-year overall sales in the market fell 13.2 per cent because of a sharp 28.2 per cent decline in new group risk sales.
These sales have now fallen back to more normal levels after growing almost 90 per cent in the previous year, Plan For Life said.
It also reported the TAL still holds the largest market share of 15.6 per cent, closely followed by AMP which holds 13.3 per cent.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Apr 2018Govt launches new corporate criminal crackdownBy Reporter
- 20 Apr 2018AMP CEO retires immediatelyBy Reporter
- 19 Apr 2018Commission questions compulsory FPA membershipBy Killian Plastow
- 19 Apr 2018CBA admits to fresh FOFA breachesBy Reporter
- 18 Apr 2018Royal commission villains could face jailBy Aleks Vickovich
- 18 Apr 2018CBA accused of ‘misleading’ royal commissionBy Aleks Vickovich and Killian Plastow
- view all