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Rise in Life Insurance Premiums

Research house Dexx&r’s financial year report data for 2012 showed growth in life insurance premiums.

 

The report showed an increase of 37.6% to $2.64 billion for new annual premiums for the year. Other growth reports are as follow:

 

  • Group life insurance rose up to 96% on last year to $1 billion, the biggest so far.
  • Lump sum new annual business went up 15.2% to $1.2 billion.
  • Disability premiums rose 15.23% to $434 million.
  • Total inforce annual premiums saw 11.4% increase to $10.3 billion; the biggest rise went to group with 14.8% to $3.4 billion.
  • There was a 10.7% to $1.9 billion growth for disability business while 9.62% to $4.9 billion was reported for lump sum.

It was reported that strong growth was experienced by most insurers but AMP remains to lead in individual lump sum and disability business.

  • New annual premiums for CommInsure went up by 73.68% with sales reported at $484.7. Its life inforce annual premiums rose 21.6% to $1.4 billion.
  • A 50.5% increase to $54.65 million on new annual disability premiums was also experienced by TAL.
  • An increase of 26.1% inforce annual premiums puts AIA in the lead in group life insurance while new annual business share was up 24.42%.
  • In annual premiums share, TAL scored 21.2% rise while it was 15.4% rise for CommInsure.
  • In group market, a significant improvement was experienced by Metlife with its increase to $175.2 million from $37.6 million in new annual premiums.

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