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Group risk insurance reports sales growth
After suffering big losses last year, the group risk insurance market bounced back in 2013 to report a 15 per cent increase in new business, according to a DEXX&R annual report.
The market expanded to $4 billion, from $3.5 billion, between September 2012 and September 2013, the report showed.
The news was even better for three of the top five companies, with AIA Australia, TAL and MLC each reporting a 20 per cent spike.
AIA still holds the bulk of the market (26 per cent), followed by TAL (23 per cent).
DEXX&R said the group risk premiums of up to 40 per cent were offset by higher than expected total and permanent disability (TPD) and salary continuance claims.
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