Home / Life Insurance / TAL and ClearView avoid decline in life risk premium inflow
26 October 2020
Life risk premium inflows fell 6.4% to $15.9 billion in the year to June 30 as every insurer, with the exception of market leader TAL and ClearView Life, recorded declines during the period, new data from actuaries and researchers Plan for Life shows.
AIA Group posted the sharpest decline of 29%, with inflows falling to $2.73 billion from $3.85 billion a year earlier, followed by MetLife, which saw its inflows dropped 11.9% to $718 million.
“While market leader TAL and ClearView posted increases, these were more than exceeded by the falls experienced by all of the others in particular AIA and MetLife,” Plan for Life said.
TAL posted a rise of 13.2% to $4.37 billion while ClearView Life increased 7.2% to $270.7 million.
For the other insurers, they recorded inflows declines of 3.1-6.9%. MLC Life had the third steepest decline after AIA and MetLife, falling 6.9% to $1.79 billion. Up next were BT/Westpac (5.7%) and Resolution Group (5.3%), which bought over AMP’s life business.
The life insurance risk market is made up of individual risk lump sum, individual risk income and group risk.
Individual risk lump sum inflows fell 0.7% to $7.02 billion, individual risk grew 0.3% to $2.85 billion and group risk tanked 14.8% to $6.04 billion.