Business is booming for life insurers, according to a new report that reveals a 25% surge in sales in the year to March.

The latest analysis of life insurance risk statistics by actuarial and research firm Plan For Life reveals premium inflows surged 16% during the period to $7.6 billion.

Major players CommInsure, Aviva, AIA Australia and Axa Australia were among those to make the biggest gains.

“Advisers facing an increasingly difficult market are discovering that it pays to take more of a focus on risk insurance,” Plan For Life MD Simon Solomon told insuranceNEWS.com.au.

Super funds helped drive group risk inflows 23% higher with added growth among master funds, wrap accounts and credit risk insurance. Group sales increased sharply by 36%.

“Within super, the industry funds have also moved to provide better cover in the last few years,” Mr Solomon said.

CommInsure had the greatest share of premium inflow with 15% of the market or $1.17 billion in premium, while ING Australia accounted for 13% of the market.

National Australia/MLC had 12% while Tower with 9.3% was marginally ahead of AMP Group at 9.1%

Group risk specialist and AIG subsidiary AIA Australia made the biggest gain year-on-year by attracting 15% of new sales compared with 5.7% last year. Mr Solomon attributed those gains to a number of significant new business wins for the company.