After two quarters of falling sales in new business, the risk insurance industry has rebounded, with the June quarter up 15 per cent compared with the previous March quarter, an industry review by DEXX&R has found.
According to DEXX&R, the industry grew to $321 million in new business sales in the June quarter, with all top 10 insurers recording an increase over the quarter and five of those companies recording percentage increases higher than the market average.
"AIA Australia recorded an increase of 25 per cent to $15 million, Zurich an increase of 20 per cent to $18 million, AMP an increase of 18 per cent to $37 million, CommInsure an increase of 16 per cent to $40 million and Westpac an increase of 16 per cent to $37 million," a statement from DEXX&R said.
DEXX&R added that the full year results, despite the better June quarter, were "flat", with total sales of $1.3 billion in new annual premiums over the 12 months to June 2015.
This equaled the same results recorded for the 12 months to June 2014.
"Four of the top ten companies recorded an increase in Lump Sum new business over the year to June 2015. Zurich recorded an 11 per cent increase to $65 million, MLC a 4 per cent increase to $193 million, OnePath a 3 per cent increase to $178 million and TAL a 2 per cent increase to $154 million," the statement said.
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