The life industry posted a 4.5% decline in risk inflows to $15.7 billion last year, snapping a decades-long growth streak, according to data compiled by actuaries and researchers Plan for Life.

TAL also overtook AIA as market leader last year, increasing its share of risk premium inflows to 28.6% from 23% in 2018. AIA slipped to second spot on 17.5% and Zurich was third on 14.5%.

Group risk insurance, one of three product lines that make up the market, recorded the biggest fall in percentage terms, with inflows down 9.3% to $5.88 billion. Individual risk lump slumped 2% to almost $7 billion but individual risk income managed to improve 0.3% to $2.84 billion.

Overall new premium fell 3% last year, pulled down partly by AMP’s 77.5% decline in sales. AMP’s risk business is presently in run-off as it now longer writes new insurance policies.

Westpac-owned BT and AIA also saw steep declines, with sales down 60.4% and 39.2% respectively.