Life risk insurance market share statistics

The  market share statistics for life insurers to Sept 2019 have been released via a media release provided by Plan For Life, Actuaries and Researchers that can be found here.

The media release noted the following commentary :

Total Risk Market Inflows down 4.6% over the year from $16.5bn to $15.7bn

Inflows into the Lump Sum sub-market fell 2.0% over the past year with mixed company-level results. Among the market leaders, AIA (7.1%), ClearView (7.0%) and MLC (2.1%) experienced positive percentage increases in their Inflows, while the remainder reported minimal or negative growth.

In contrast to the falling Lump Sum market, Risk Income Inflows experienced growth albeit marginal, up 0.3% over the past year. Among the better performers in percentage growth terms were ClearView (17.7%), AIA (8.6%) and Zurich (3.1%).

Overall Group Risk Premium Inflows experienced a 9.7% fall over the past year, largely due to the impact of ‘Protecting Your Super’ legislation which came into effect during July. Of the larger companies, MetLife (5.4%) and TAL (1.4%) still managed to record some growth. It should be noted that individual company growth can be significantly impacted by super fund insurance mandate movements.