Inflows into risk insurance products continued to climb after a strong 2012, with inflows into individual risk lump sum and income products and group risk products increasing by about 10 per cent from $10.6 billion to $11.7 billion.
Inflows into the individual risk lump sum market grew by 10.4 per cent, while inflows into the individual risk market grew by 9.1 per cent. Overall group risk inflows grew by 10.7 per cent, with TAL recording inflows above 10 per cent in all three categories.
According to data released by Plan for Life for the year ending March 2013, TAL increased individual risk lump sum premium inflows by 10.5 per cent, followed by OnePath with 10.2 per cent and CommInsure with 9.8 per cent.
TAL also led in individual risk income premium inflows with 18.1 per cent growth, followed by OnePath with 12.8 per cent. CommInsure, however, only saw growth of 1.81 per cent while AMP saw inflows growth of 8.56 per cent.
TAL also led in group risk premium inflows with inflow growth of 14.34 per cent, followed by AIA with 12.72 per cent and OnePath with 8.58 per cent. CommInsure fared better here with 7.07 per cent growth and led AMP with only 1.42 per cent growth.
The growth till the end of March follows similar growth across 2012, with data released earlier this year by Plan for Life showing an 11.7 per cent increase in flows and a 6.3 per cent increase in new premium sales across the last calendar year.
