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Life insurance market experiences sustained growth for 2011

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August 30, 2012 By

The latest statistics from Plan For Life have shown continued growth in the Australian life insurance market for the calendar year 2011, with a 7.6 per cent increase in market premium inflows compared to 2010.

Released 18 April, the figures also show a 10.4 per cent increase in premium inflows for the overall risk market, which includes all life insurance, trauma & TPD cover, and other individual lump sum products. The measurement of premium inflows includes in force premiums at the end of the 2011, plus single premiums during 2011.

AIA Australia dominated the major life insurance companies, with 31.2 per cent growth in life insurance inflows, followed by AMP at 13.7 per cent, CommInsure at 12.9 per cent, and Tal at 7.3 per cent.

AMP Insurance remained the market leader in terms of life insurance in flows, with a 35.9 per cent market share (up 1.9 per cent on previous year), followed by MLC Group with 19.7 per cent (down 2.1 per cent), OnePath with 15.1 per cent (down 0.9 per cent), and CommInsure with 5.7 per cent (up 0.3 per cent).

For the overall risk market, premium sales for 2011 increased by 17 per cent, with MetLife Insurance (656.0 per cent), off a very low base, BT (13.4 per cent) TAL (10.1 per cent, and AMP (9.2 per cent) recording some of the highest growth rates.

AIA Australia recorded the highest growth in overall risk in flows with a 33.5 per cent growth rate, followed by CommInsure with 16.2 per cent, Zurich with 14.0 per cent, BT with 13.4 per cent, TAL with 10.1 per cent, and AMP with 9.2 per cent.

AMP leads the overall risk market with 16.1 per cent market share (down 0.2 per cent year end 2010), followed by MLC with 14.3 per cent (down 0.9 per cent), CommInsure with 13.2 per cent (up 0.7 per cent), and OnePath at 12.8 per cent (the same as 2010).

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About Russell Cain

Russell Cain(Can be on found on Google +) is the CEO of xLife Pty Ltd, an award winning life insurance comparison service which incorporates the Life Insurance Direct and xLife brands. He has over 10 years experience in the accounting and finance industry as well as over 15 years experience in running small business. It was in 2005 when running one of these small businesses that xLife first materialised as Russell realised the importance of sound financial advice, high level of customer service and the important of openness and transparency with customers. In his spare time, Russell is an avid property investor and home renovator, enjoys cycling and playing squash and also participates in an entrepreneurial mentoring program where he currently helps mentor small business owners to help achieve their goals.