Risk premium inflows and sales have once again achieved double-digit growth, with TAL and CommInsure emerging as success stories of 2012, according to Plan for Life figures.
According to the analysis, both premium inflows and sales in the risk market have grown by just over 10 per cent in the year to September 2012, with AMP, MLC and TAL leading the market.
While AMP retained steady growth and first place in terms of funds under administration (FUA), its market share decreased – albeit marginally – partly due to tremendous growth in premium inflows achieved by TAL (22.2 per cent), CommInsure (21.7 per cent) and BT Financial Group (19.3 per cent).
CommInsure and TAL Group have increased their sales by 75 per cent and 37 per cent over the year respectively and are now on par with the second-placed MLC Group in terms of market share.
BT was also one of the best performers in the risk market – despite its 5 per cent market share being significantly lower than that of the top three players – growing its premium inflows by more than 19 per cent and its sales by more than 40 per cent.
MetLife Insurance and AIA Australia were not so lucky, Plan for Life reported, with their year-on-year sales figures falling by more than 40 per cent and 30 per cent respectively.
"It should be noted that, except in the case of BT/Westpac, each of these particular companies' latest overall sales results were significantly affected by their relative success or lack thereof in the latest round of group risk mandate remarketing," the Plan for Life report highlighted.
Individual risk lump sum remains the dominating part in the make-up of the Australian risk insurance market, though group insurance continues to increase its presence.
