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.