MetLife has reinforced its recent growth in the group insurance market with the latest data from specialist research house, Dexx&r revealing it increased in-force premiums by 11.6 per cent over the 12 months to March, this year, to $723 million.
Of the five major group life insurers, the Dexx&r data revealed that three had recorded increases in in-force premiums, with the market being led by AIA Australia and TAL.
The Dexx&r data revealed that, over the 12 month period, AIA Australia’s in-force business increased by 2.9 per cent to $1.9 bullion while TAL increased by 3.7 per cent to $1.8 billion.
Looking at the totality of the group life market, the research house noted that after three years of strong growth in premium inflows largely resulting from re-pricing, group risk inflows had now plateaued.
It said total in-force group risk premium decreased by 2.5 per cent from $6.13 billion at March 2018 to $6.06 billion over the 12 months to March, this year.
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.
The Federal Court has ruled in favour of QSuper regarding non-payment of a total and permanent disablement benefit to a member.
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