Jump in disability sales: DEXX&R
Individual disability business increased 13.6 per cent to $408 million in 2011 on the back of a spike in sales in the September quarter, according to DEXX&R research.
The largest growth was seen at OnePath with a 28 per cent increase to $68.5 million, and TAL which recorded a 60.2 per cent increase to $47 million. Disability in-force business increased 9.7 per cent to $1.82 billion.
Individual lump sum risk business increased by 10.5 per cent to $1.11 billion during 2011, led by AMP/AXA which increased 11.5 per cent to $207 million.
CommInsure increased 4.7 per cent to $176 million, OnePath 8.9 per cent to $157 million and TAL 3.8 per cent to $133 million.
Total group risk new business increased 37.1 per cent to $848 million during the year, with in-force group risk business up 9.5 per cent to $3.14 billion.
Market leader AIA Australia's in-force business jumped 40.3 per cent to $850 million, and CommInsure grew 32.5 per cent to $438 million.
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
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.
