Life insurance risk market up 11.2pc

Life insurance risk market up 11.2pc

The life insurance risk market grew to $14.2 billion in the 12 months to December 2014, up from $12.8 billion in the previous year, research house Plan For Life has found.

In a statement issued by the research house, Plan For Life found the life risk market - which comprises both individual risk lump sum and risk income insurances plus group insurance - had grown 11.2 per cent over the year ending December 2014.

Plan for Life also found that all companies experienced increases in risk business over the 12 months, with the highest growth rate recorded by AIA Australia, at 24.2 per cent.

TAL, BT, MetLife and OnePath also recorded high growth, at 17.9 per cent, 15 per cent, 10.1 per cent and 9.7 per cent respectively. 

The research house found that while the industry's overall new premium sales had dropped by 1.8 per cent over the 12 months to December 2014, AIA, Zurich, OnePath, AMP and BT all managed to record increases in their annual risk sales.

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