Virtually all companies have experienced significant increases in their risk business during 2013, according to Plan for Life research.
The research shows that life insurance risk market inflows are up 11.5%, from $11.5 billion to $12.8 billion for the 12 months to December 2013.
In particular, life insurer MetLife experienced more than a 100% leap in its annual growth for its risk business.
Its risk market inflows jumped from $245 million in the year ending December 2012, to a whopping $493 million at December 2013.
Despite this significant change, with a market share of 3.9% it still stands in ninth place of the top ten risk insurers.
In first place is TAL group, which experienced an impressive annual total risk growth of 21.2% raising its market share to 14.7% and narrowly beating its long-time competitor AMP
Group by just 0.4%.
Despite firmly holding on to a top spot, AMP
did report a much lower annual growth figure than many of the insurers listed, increasing only 3.8%.
Independent researcher DEXX&R revealed
similar results last month that showed TAL had indeed claimed the top spot as Australia’s biggest life insurer.
CEO Jim Minto told Wealth Professional
that the 150-year history of the company has seen life insurance solutions that are constantly evolving with its customers.
“We have adopted a multi-distribution channel model to bring life solutions to more people as their preferences to engage have changed and evolved,” he said. “Our strategy is to put the customer at the centre of everything we do. It is why, in response to changing consumer behaviours, we provide financial protection to customers in ways of their choosing: via advisers, superannuation and directly.”
The latest Plan for Life research also showed that new premium sales in life insurance were similarly increasing 11.7% year on year.
In this section, MetLife again took the cake, reporting a huge 178.4% increase, followed by a distant second National Australia/MLC which jumped 29.7%.