Life premium inflows down from last year
Life insurance premium inflows have fallen by 3 per cent in the 12 months to June 2010, with only the risk insurance sub-market recording any significant growth, according to new figures released by Plan For Life.
Total life insurance premium inflows fell from $38.6 billion to $37.5 billion year on year, with individual superannuation investment suffering the largest percentage drop of 16 per cent.
The risk insurance market “continued to be the standout performer experiencing strong and steady growth,” the report stated, while group superannuation investment improved slightly (2.5 per cent). This market category includes a large amount of older, pre-1970 products.
In terms of the market players, ClearView Life (-21.6 per cent) and Suncorp (-16.5 per cent) both reported substantially lower business year on year, followed by the market leader AMP Group, whose life insurance premium inflows fell by almost 16 per cent.
However, Challenger, Macquarie Life, Tower Group and AIA all achieved double-digit annual inflow growth rates over the year.
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