Even though overall risk premium inflows increased by just 1.7 per cent year-on-year ending September 2018, BT/Westpac (21.8 per cent) and MetLife (13.5 per cent) both still managed to record significant growth rates, Strategic Insight said in a statement.
As for the other life insurers, AIA (5.5 per cent), Zurich (4.1 per cent), TAL (3.0 per cent), Suncorp (2.1 per cent) and OnePath (1.4 per cent) also reported risk inflow increases.
Only CommInsure (-17.9 per cent) and AMP (-5.6 per cent) recorded lower risk premium inflows compared to the previous year.
Strategic Insight figures also revealed annual sales in the risk market were similarly up 2.1 per cent.
“BT/Westpac (63.1 per cent) and AIA (46.4 per cent) reported a couple of very large jumps in their risk sales year-on-year with, in particular, volatility in the group risk market a relatively significant factor in both these results,” Strategic Insight said.
“Sales of the other risk insurers were mainly lower although Zurich (3.4 per cent) and CommInsure (1.2 per cent) managed to post modest increases.”
AIA to busy pushing crap group policies in group insurance land to sell good quality cover through planners
I disagree with that. I believe AIA has been the most innovative product provider in the retail space the last 3 years with Vitality, myOwn health insurance that can be attached to an already very strong retail life insurance product with enormous flexibility.
But I’m curious to know how these figures for the ENTIRE industry are UP when every BDM you speak to says the industry is down with all the uncertainty and anguish on the horizon. If it ain’t down now, it definitely will be the next few years…!