Appetite for risk insurance grows
Risk insurance sales have shot up in the last 12 months, with the total industry growing more than 10 per cent on last year, a DEXX&R report shows.
Risk inforce business grew from $10.6 billion in September 2012 to $11.7 billion in September this year - an increase of 10.5 per cent, according to the annual snapshot.
It was a stellar year for AIA Australia and TAL in particular, which both went above the average to expand by 20 per cent (to $1.4 billion) and 16 per cent (to $1.8 billion) respectively.
Among the markets, group insurance reported a sizable jump, growing 15 per cent from $3.5 billion to $4 billion over the year.
Individual death, TPD and trauma products grew 7 per cent to $1.3 billion, while disability income products remained steady with a marginal 2 per cent growth to $452 million.
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