The risk insurance sector has experienced a significant drop in annual sales over the 12 month ending September 2015, an industry review by Plan For Life has found.
According to Plan For Life, overall sales in the risk market dropped by 23.7 per cent over the period.
Among the insurers that reported "very substantial" decreases in risk sales were MetLife and TAL, both reporting drops of 71 per cent and 60 per cent respectively.
Plan For Life also found that AIA experienced a decrease of 37.3 per cent and AMP saw sales drop 22.7 per cent.
The research house noted, however, that the falls in sales were "primarily concentrated" in the group insurance market, not the retail market.
Plan For Life also found risk premium inflows increased 7.1 per cent year on year to $15.2 billion.
Among the insurers that experienced the greatest inflows were BT (13.5 per cent), MetLife (12.1 per cent), OnePath (11.7 per cent) and AIA (9 per cent).
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 12 Dec 2018FASEA confirms accreditation processBy James Mitchell
- 12 Dec 2018Aussie advice business partners with Bank of IrelandBy James Mitchell
- 12 Dec 2018Industry association aims to reverse 'crippling' LIFBy James Mitchell
- 11 Dec 2018ASIC cancels AFSL of Queensland groupBy Eliot Hastie
- 12 Dec 2018Advisers placed in TPB firing lineBy Katarina Taurian
- 11 Dec 2018Liberal Party has done ‘almost nothing’ for advisersBy James Mitchell
- view all