POWERED BY MOMENTUM MEDIA
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.
AUTHOR
Recommended for you
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.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment