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Risk market grows
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The risk insurance market grew significantly over the closing months of last year, with new annual premiums increasing by 21 per cent over the 12 months to the end of December to total $2.01 billion, according to the Dexx&r Life Analysis Report.
The majority of the growth is due to an increase in group risk new business of 32.3 per cent to $745.4 million, while in-force group risk business increased 19.23 per cent to $2.61 billion.
Individual lump sum business increased by 16.55 per cent, with new annual premiums totalling $967.4 million.
Four of the Top Ten companies recorded an increase of over 30 per cent in individual disability new business, which as a whole increased by 13.8 per cent to $337.6 million.
As well as analysing the growth in total risk business, Dexx&r also showed the market composition that would exist in the event of NAB/MLC successfully acquiring AXA Asia Pacific.
It said that if this were to happen, NAB/MLC would hold a 28.19 per cent market share in total risk business, placing it well above its competitors.
AUTHOR
Mike Taylor
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