Risk sales continue upward trend
Risk sales continued a pattern of year-on-year growth in 2012 with total new annual premiums increasing by 7.11 per cent.
DEXX&R, in its life analysis report for 2012, said total new annual premiums reached $2.5 billion for the year ending December 2012.
Individual lump sum risk business increased by 15.6 per cent to $1.3 billion in the 12 months to December 2012 with the top 10 companies recording higher than market average growth.
CommInsure saw a 26.1 per cent increase and Westpac Life a 41.3 per cent increase, while AIA increased 46.1 per cent and Macquarie was up 37.9 per cent.
In-force individual lump sum business also increased by more than the market average for the top 10 companies, increasing by 10.2 per cent to $5.3 billion as at December 31.
CommInsure was up 10.7 per cent to $758 million and TAL increased 11.2 per cent to reach $570 million, while Westpac increased 15.6 per cent to $426 million, AIA 25 per cent to $207 million and Macquarie 26.9 per cent to $95 million.
Total new disability premiums increased by 10.1 per cent to $445 million over the 12 months to December 2012, with the top 10 companies again beating out the market average.
TAL reported a 27.2 per cent increase to $60 million, Westpac a 70.1 per cent increase to $40 million, AIA Australia a 15.9 per cent increase to $23 million and Macquarie an increase of 32.7 per cent to $16 million.
Disability in-force premiums increased by 9.7 per cent to $2.0 billion with OnePath up 14.6 per cent to $246 million, TAL up 17.6 per cent to $193 million, AIA Australia up 19.3 per cent to $112 million, Westpac up 36.2 per cent to $98 million and Macquarie up 24.7 per cent to $46 million.
Total group risk new business decreased 5.2 per cent to $805 million over the 12 months to December 2012.
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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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