Five companies dominate the group life insurance market, holding 91.2 per cent of in-force premiums, according to the latest data released by Plan For Life.
The Plan for Life data, covering the 12 months to the 30 June, last year, revealed the five dominant companies as:
- AIA Australia
- TAL
- OnePath
- Hannover, and
- CommInsure.
The data also revealed the level of growth in the group life market, with in-force premiums up 16.8 per cent for the period, growing from $1.27 billion to $1.48 billion, and net annual premiums up 19.6 per cent, growing from $284 million to $340 million.
The Plan for Life data also revealed the degree to which insurers are growing out their service offering to superannuation, with income protection and salary continuation insurance now being offered within 49 funds as a form of extra cover.
While highlighting the dominance of the big five, the Plan for Life material pointed to the fact that Sunsuper no longer appeared as an insurer after its loss of the Sun Super Group Life Scheme.
It commented that apart from a few very small players (Allianz, AXA, Lloyds and Windsor) the market was based on eight insurers:
- AIA
- TAL
- OnePath
- Hannover
- Comminsure
- Metlife
- MLC, and
- AIP.
