Risk inflow growth slower than normal
Strategic Insight figures reveal overall risk inflows continued to climb in 2016 but at a much slower rate than the double-digit average over the past two decades.
Annual growth in risk inflows was up 3.4 per cent over the year ending 2016, lower than the 6.6 per cent annual growth over 2015, Strategic Insight said in a statement.
Zurich led the way with risk inflow growth, recording a 63.8 per cent increase following its acquisition of Macquarie Life’s risk business.
AIA (12.1 per cent), BT/Westpac (9.1 per cent), NAB/MLC (4.6 per cent) and OnePath (4.1 per cent) were the other companies to report increases in risk inflows.
Suncorp (0.7 per cent), AMP (0.3 per cent), TAL (-0.2 per cent) and CommInsure (-0.9 per cent) all saw little change in their risk inflows.
“Despite total new premium sales falling 12.2 per cent year-on-year, AIA (37.1 per cent), Zurich (16 per cent), NAB/MLC (8 per cent) and BT/Westpac (5.8 per cent) still managed to record increases in their annual risk sales,” Strategic Insight said.
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