New risk premiums increase by 28 per cent
New annual premiums for lump-sum life insurance business (term life, total and permanent disability and trauma) increased by 28.5 per cent to $854 million at September 30, 2008, according to researcher Dexx&r.
Its latest Life Analysis Market Share Report revealed Axa Australia posted the highest percentage increase in individual lump sum risk sales — 104 per cent to $104 billion.
Colonial increased sales by 43 per cent to $130 million — the second highest increase — while Tower posted a 19 per cent increase to $108 million.
In-force annual premiums increased by 11 per cent to $4.68 billion as at September 2008, with MLC posting a chart-topping 15 per cent increase to $682 million and Colonial a 14 per cent increase to $641 million.
New annual premiums for disability income business increased by 22 per cent to $309 million and premiums for group risk business increased by 13 per cent to $543 million.
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