Risk market still growing
The December quarter of 2012 has seen the life insurance sector grow to $11.5 billion, according to new figures released by research firm Plan for Life.
This represents a $200 million increase from the September quarter and an 11.7 jump year on year, with consistent growth being seen in all three insurance sectors — individual risk lump sum, individual risk income and group insurance.
In terms of retail market share, AMP is still in the lead with almost $1.4 billion in premium inflows, while NAB ($1.2 billion) and CommInsure ($1 billion) aren't too far behind. However, OnePath and TAL recorded better percentage increases.
The Plan For Life report also highlighted group insurance figures, with the sector growing by $109 million over the December quarter. AIA retained its top spot, holding almost a quarter of market share with $947 million in premium inflows.
TAL and CommInsure are steady in the second and third spot respectively, with both companies recording more than 20 per cent growth year on year.
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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.
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The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
