Overall risk market sales down 5.9%
Sales in the risk market were down 5.9 per cent despite risk premium inflows increasing 6.2 per cent for the year ending March 2016, according to research from Plan for Life.
Overall risk market sales were down 5.9 per cent, due in particular to a significant 16.7 per cent fall in new group risk sales.
“Risk market leader TAL (149.2 per cent) reported a very large jump in sales, again the increase was mainly concentrated in group business,” a statement from Plan for Life said.
Only Zurich, off a lower base, and OnePath recorded higher risk sales over the year, with 6.3 and 6.2 per cent increases respectively.
“CommInsure (-42.7 per cent), Suncorp (-24.7 per cent), AMP (-22.9 per cent) and NAB/MLC (-16.5 per cent) by contrast recorded significant double digit percentage falls,” the statement said.
On the risk premium inflows front, among the medium-to-larger-sized companies, TAL recorded the highest growth at 18.2 per cent.
This was followed by AIA (16.4 per cent), BT/Westpac (13 per cent), OnePath Australia (9.6 per cent) and Zurich (9.5 per cent), the statement said.
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