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Group life stabilises
The Australian group insurance market appears to have re-stabilised following three years of volatility driven by premium repricing.
New data released by specialist life/risk ratings house, Dexx&r has revealed that in-force group business has resumed what appears to be a normal cycle,
It said that after three years of strong growth in premium inflows, largely the result of premium repricing, group risk inflows have now plateaued.
Dexx&r said total In-force Group Risk increased by 1.4 per cent to $6.23 billion over the 12 months to June 2018, up from $6.17 billion at June 2017.
It said that over the 12 months ending June 2018 three of the top five companies in the Group market recorded an increase in in-force group premiums.
AIA Australia’s In-force business increased by 7.7 per cent to $1.8 billion, Metlife increased by 0.1 per cent to $630 million and OnePath increased by 6.4 per cent to $414 million.
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The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
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