Life insurance risk market inflows rose 12 per cent over the 2008 calendar year from $6.4billion to $7.2billion, research by Plan for Life has revealed.
The medium to large companies participating in the risk market all reported higher inflows.
The companies boasting the greatest percentage increases included AIG Life, which was up 20 per cent, CommInsure18.3 per cent, Aviva 18 per cent, ING Australia 14.7 per cent, Tower 11.9 per cent, and AMP 11.8 per cent.
According to the research, new premium sales were also up 10.7 per cent, with AIG recording an 89.7 per cent rise, CommInsure a 47.1 per cent rise, Axa Australia a 17.4 per cent rise and ING a 12.9 per cent rise.
Individual risk lump sum sales jumped as well by 15.6 per cent during 2008, with new risk income premium sales up 14.7 per cent, and group risk sales up a fairly modest 2.4 per cent, Plan for Life said.
Despite group risk sales not seeing an increase as sizeable as other markets in the life insurance industry, some companies still reported massive growth, with AIG up 102.2 per cent, CommInsure up 87 per cent, ING up 26.3 per cent and Axa up 19.5 per cent.
The latest Plan for Life research on the life insurance risk products industry for the year to December 2008 is based on data sourced from life insurance companies.
