28 Oct 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.