Surge in sales of new and in-force risk premiums
New annual risk premiums for lump sum business (term life, total and permanent disability and trauma) increased by 14.21 per cent to $815.38 million at December 2008, according to a survey by researcher Dexx&r.
Its Life Analysis Market Share Report also found that in-force annual premiums for individual risk increased by 11.47 per cent to $4.81 billion as at December 31, 2008.
The five largest companies in this market measured by in-force business are MLC, $698 million (14.5 per cent increase); Colonial, $666 million (13.8 per cent); ING Life, $551 million (11.5 per cent); AMP, $508 million (10.6 per cent); and AXA Australia, $464 million (9.6 per cent).
New annual premiums for disability income business (disability income and business overheads) increased by 14.07 per cent to $303 million as at December 31, 2008.
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