Brought to you by:

Life insurance market set to double in next 15 years

The Australian life insurance market is set to double in the next 15 years, according to market projections released by actuarial firm Rice Warner Actuaries.

The average level of death cover is projected to climb from $181,000 per head of working age population to $378,000 by June 30 2023. The total risk insurance market is expected to rise from $7 billion in annual premium to $27 billion.

Income protection levels are also projected to increase from $769 a month to $1784.

Rice Warner says innovation in service delivery, technology and risk assessment techniques should spur the market. Improvements in superannuation default levels, communication and competition should also provide a further impetus.