Inflows into the life insurance risk market continued over the last financial year, climbing 11.9 per cent to $10.9 billion, according to the latest Plan For Life report.
The majority of key risk market participants reported higher inflows for the full year to June 2012, the report said.
AIA Australia inflows were up by 33.5 per cent at $1.17 billion, followed by CommInsure Group up by 21.6 per cent at $1.48 billion and BT Westpac Group also up by 18.3 per cent at $564 million.
For the years ending June 2011 and June 2010, the market achieved inflows of $9.7 billion and $8.8 billion respectively.
“It’s fairly standard growth as the risk market’s been growing at a really steady pace for the last few years,” Plan for Life senior manager Daniel Morris told InvestorDaily.
Morris attributed the successful marketing of risk products as a driver for the growth over the period.
In addition, new premium sales jumped by 29 per cent, the report said.
Above average increases were experienced by MetLife Insurance at 301.8 per cent, AIA Australia at 150.2 per cent, CommInsure Group at 73.7 per cent and BT Westpac Group at 36.7 per cent.
The life insurance risk market is comprised of risk lump sum insurances and risk income insurances for individuals, plus group risk insurances.
