Tower has picked up considerable market share in the life risk sector while CommInsure has lost out in both total in-force and total new annual premiums, according to Dexx&R’s June 2010 Life Analysis report.
In terms of the total risk business in-force annual premiums, the top three companies are MLC/Aviva ($1.37 billion), CommInsure ($1.19 billion) and Tower ($1.042 billion), with a market share of 16.09 per cent, 14.04 per cent and 12.28 per cent respectively. ING Life ($1.041 billion) and AMP ($771 million) followed with a market share of 12.27 per cent and 9.09 per cent respectively.
The top three companies in terms of total risk business total new annual premiums are Tower ($414 million), MLC/Aviva ($357 million) and CommInsure ($290 million), with a market share of 21.21 per cent, 18.31 per cent and 14.89 per cent respectively.
Tower has seen the most dramatic growth in market share as its total risk business in-force annual premiums have increased by 40.47 per cent compared to last year while its total risk business total new annual premiums jumped by 96.52 per cent. CommInsure appears to have been the loser over the year with total risk business in-force annual premiums dropping by 1.99 per cent and total risk business total new annual premiums dropping by 10.41 per cent.
Looking at the various sectors within the total life risk business, in terms of group risk business total new annual premiums, AIA Australia is the biggest loser with its market share dropping by 70.83 per cent, followed by CommInsure (-36.57 per cent) and ING Life (-28.59 per cent). Tower experience the biggest jump in market share in this area, increasing from 9.03 per cent in June 2009 to 41.11 per cent in June 2010, a percentage change of 293.96 per cent.
In terms of group risk business in-force annual premiums, AIA Australia was at the top with over $563 million and a market share of 20.59 per cent. Tower increased market share by 103.03 per cent in this area with $465 million, while CommInsure’s market share dropped 25.71 per cent with $323 million.
Total in-force risk business increased over the year by 10.9 per cent to $8.49 billion, while total risk new business remained steady at $1.95 billion.
