Risk shows strong growth
The risk insurance market grew significantly over the closing months of last year, with new annual premiums increasing by 21 per cent over the 12 months to the end of December to total $2.01 billion, according to the Dexx&r Life Analysis Report.
The majority of the growth was due to an increase in group risk new business of 32.3 per cent to $745.4 million, while in-force group risk business increased 19.23 per cent to $2.61 billion.
Individual lump sum business increased by 16.55 per cent, reaching new annual premiums of $967.4 million.
Four of the top 10 companies recorded an increase of over 30 per cent in individual disability new business, which as a whole increased by 13.8 per cent to $337.6 million.
As well as analysing the growth of total risk business, Dexx&r also showed the market composition that would exist in the event of NAB/MLC successfully acquiring AXA Asia Pacific.
It said if this happened, NAB/MLC would hold a 28.19 per cent market share in total risk business, placing it well above its competitors.
AUTHOR
Mike Taylor
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
