The group life insurance market is continuing to exhibit steady growth, according to the latest data released by Dexx&r.
The data revealed that total “in-force group risk” business increased by 12 per cent to $6.1 billion over the twelve months to June 2016, up from $5.5 billion at June 2015.
The company said that over the year ending June 2016 four of the top five companies TAL, AIA Australia, CommInsure and MLC recorded an increase in in-force group premiums.
It said that total in-force business (individual and group) written by direct life companies increased by eight per cent to $15.1 billion over the year to June 2016, up from $14.0 billion at June 2015, while reinsurer in-force premium increased by 12 per cent to $4.7 billion over the twelve months to June 2016.
