AMP leads risk market
Despite OnePath and TAL recording the highest growth in premium inflows over the past year, AMP still holds the largest market share in the retail risk space, new research shows.
New Plan For Life data found total risk market achieved solid growth in inflows. Premium inflows into the lump sum sub-market grew by 9 per cent, with most companies reporting increases in business. OnePath and TAL stood out, with annual growth close to 10 per cent for both companies.
Similarly, income protection grew by 8.5 per cent. Again, TAL and OnePath achieved the highest growth, while CommInsure emerged as the only player in the sub-sector to record negative annual growth.
However, the AMP Group still holds the largest market share in the retail risk space, with its insurance arm holding more than $1 billion in lump sum, and $419 million in income protection premiums.
Group risk also achieved solid, double-digit growth, with AIA leading the sub-sector, followed by TAl and CommInsure.
AUTHOR
Staff Writer
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
