POWERED BY MOMENTUM MEDIA
Five dominate group life insurance
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.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
