Life insurance risk market inflows have jumped by 13.4 per cent over the year to September 2010, reaching $9.2 billion.
These figures have emerged from the latest report released by Plan for Life, which found almost all of the major players in the market have recorded double-digit percentage growth.
Overall, Tower Australia has recorded the biggest growth of 40.7 per cent, followed by AMP (20.3 per cent) and AIA Australia (18.2 per cent), while National Australia/MLC Group still holds the biggest market share.
According to Plan for Life’s figures, all three market segments — individual risk lump sum and income markets and group risk — generally reported solid growth.
However, CommInsure’s sales suffered a 16 per cent drop in sales in the individual risk lump sum market, contributing to the overall 7 per cent fall in its inflows.
“It is worth noting that the individual risk lump sum insurance market has over recent years been significantly impacted by the unabated growth in the housing market, which is a significant factor in the source of new insurance,” the report said.
