New premium risk sales up 2.3% in 2018
Total new premium sales rose by 2.3 per cent during 2018 while overall risk inflows were up by 2 per cent through the same period, according to Strategic Insight figures.
A number of life insurers recorded 20 per cent plus jumps in their reported risk sales, including BT/Westpac (62 per cent), AIA (35.9 per cent), Zurich (22.7 per cent) and MetLife (21.1 per cent).
On the other hand, risk sales of TAL declined by 37 per cent while AMP’s went down by 10.8 per cent.
Meanwhile, overall risk inflows continued to climb in 2018, but like the previous couple of years now at a much slower pace than the double-digit percentage averages experienced over the past two decades.
“Year on year they were up only a very modest 2 per cent, which compares with the 0.9 per cent and 3.4 per cent posted for 2017 and 2016, respectively,” said Strategic Insight.
“Leading companies that reported significantly increased risk business were AIA (17.4 per cent), MetLife (12.1 per cent) and BT/Westpac (10.4 per cent), while CommInsure (-19.3 per cent) and AMP (-10.8 per cent) saw theirs fall.”
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