The risk insurance market has seen double-digit growth over the year to March 2012, with annual premiums jumping by around $6.8 billion in the last decade.
According to latest data from Plan For Life, risk premiums have grown by 11.8 per cent to $10.6 billion, with AIA Australia alone recording a massive 33 per cent jump.
The AMP Group, however, remains in the lead in terms of market share, with more than $1.6 billion in new premium inflows, followed relatively closely by MLC on almost $1.5 billion.
Other groups that recorded tremendous growth were CommInsure, TAL and Westpac.
Suncorp Australia appears to be the only insurer on Plan for Life's list of 10 biggest risk companies to record negative growth, with its premium inflows dropping by almost 10 per cent. Its overall sales, however, grew 33 per cent.
