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Risk market continues growth despite drop in new group business
New group risk business decreased by 5.2 per cent in 2012 despite a number of companies recording an increase in excess of the market average.
DEXX&R's latest life analysis report, based on data from the 12 months to 31 December 2012, found total group risk new business decreased to $805 million.
However three of the top five companies — CommInsure, TAL and MLC — recorded an increase in excess of the market average.
CommInsure increase by 6.51 per cent, TAL was up 36.53 per cent and MLC up 54.92 per cent.
In-force group risk premiums increased by 15.7 per cent to $3.6 billion over the 12 months to December 2012, with two of the top five companies outperforming the market average.
TAL reported an increase of 23.3 per cent to $787 million and CommInsure an increase of 21.7 per cent to $533 million.
DEXX&R said that due to the timing of large premium payments by group policy holders (mainly industry funds), significant fluctuations from quarter to quarter were normal.
DEXX&R said the pattern of year-on-year growth in risk markets continued in 2012, with total new annual premiums for individual and group business increasing by 7.11 per cent to $2.5 billion in the year ending December 2012.
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