Life insurance inflows jump 12 per cent in 2008
Inflows into the life insurance market rose by 12 per cent last year to $7.2 billion as new premium sales of risk insurance rose 10.7 per cent, according to research released by Plan for Life.
AIG Life had the largest rise during this period, with a 20 per cent jump in inflows and sales last year. CommInsure reported a rise of 18.3 per cent and Aviva a jump of 18 per cent. ING, Tower Australia and AMP were last at 14.7 per cent, 11.9 per cent and 11.8 per cent respectively.
Individual risk lump sum insurance inflows were up 12.8 per cent last year, while sales jumped by 15.6 per cent. Income protection and business expense insurance inflows were up by 9.8 per cent last year, while new sales were up 14.7 per cent.
Group risk inflows also rose by 12.3 per cent despite risk sales staying fairly steady, going up only 2.4 per cent compared to 2007. CommInsure again recorded the highest jump at 24.6 per cent, followed by MetLife Insurance, ING, AIG and Tower.
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The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
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