Australia’s major group insurers appear to have moved beyond the problems which saw them increasing premiums around four years’ ago.
The latest data released by specialist life/risk research house, Dexx&R said that after three years of strong growth in premium inflows, largely as a result of premium re-pricing, group risk inflows had now plateaued.
It said that total in-force group risk premium actually decreased by two per cent from $6.21 billion at September 2017 to $6.09 billion over the 12 months to September, 2018.
The Dexx&R analysis said that over the 12 months ending September 2018, four of the top five companies in the Group market recorded an increase in-form premiums with AIA Australia leading the way with 3.8 per cent to $1.9 billion, TAL by 0.8 per cent to $1.7 billion, Metlife by 11.8 per cent to $721 million and OnePath by 5.7 per cent to $417 million.
The data confirmed that post recent acquisition activity the group life market would look as follows.
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Hi, I think the table at the bottom represents the total life insurance market including individual not just the group insurance market