Re-pricing of existing benefits has helped in-force group business increase 7.4% over the year to 30 September, 2021, according to DEXX&R.
The research house’s latest report on life companies found despite the Protecting Your Super measures leading to fewer members with default cover, the re-pricing of existing benefits has enabled life companies active in the group market to increase total premium received.
It found the total in-force group risk premium increased 7.4% to $6.9 billion over the 12 months to 30 September, 2021. Total in-force business (individual and group) written by life companies increased over the year by 4.2% to $16.5 billion.
The report noted largest life insurance groups as at the end of September, 2021, was TAL/Asteron with 27.3% of market share.
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.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
The Federal Court has ruled in favour of QSuper regarding non-payment of a total and permanent disablement benefit to a member.
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