Group risk inflows slow at CommInsure, AMP

CommInsure and AMP recorded significant declines in group risk premium inflows for the year ending December 2018, latest Strategic Insight data shows.

CommInsure recorded the largest decline of 41.5% - almost halving its market share from 10.2% to 5.8% in the segment.

AMP followed with a decline of 30.6%, reducing its market share from 6.1% the year before to 4.1%.

AIA Australia and MetLife Insurance made the biggest gains in group risk premium inflows, recording 20.6% and 13% annual growth.

Overall, the group risk premium inflows were up 4% to $6.4 billion.

The group risk segment recorded the highest premium inflows of the risk market, chased by individual income risk premiums (up 1.9%) and individual lump sum premiums (up 0.2%).

Individual risk lump sum premium inflows

The inflows into the individual risk lump sum premium grew by 0.2%.  Among the giants, inflows growth was led by Zurich (5.3%), TAL (4%) and Suncorp (1.4%) while ClearView (11.2%) and AIA (10.6%) picked up the most inflows among the smaller players.

CommInsure premium inflows dropped 5.6%, taking its market share to under 10%. MLC Insurance and AMP also recorded declines of 2% and 2.3% respectively.

Individual risk income premium inflows

The category attracted more inflows than the lump sum market, swelling by 1.9% over the year ending December 31.

Premium inflows declined the most at BT/Westpac Group (3%) while the biggest increase was seen by TAL (13.7%).

The total risk market inflows stood at $16.3 billion up 1.9% over the previous year.

Read more: CommInsureStrategic InsightAIA AustraliaBTWestpac GroupClearViewMetLife InsuranceSuncorpZurich
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