Dexx&R released its life analysis report which indicated strong growth in total risk business, with new annual premiums increasing by 30.59 per cent over the year ending 30 June 2009.
The growth of total risk business – which includes individual lump sum, disability and group risk lump sum, as well as salary continuance business – was largely a result of the substantial rise of group risk new business, which increased by 49.58 per cent to $742.63 million over the last 12 months to 30 June 2009.
AIA Australia experienced a 401.76 per cent increase in group risk new business, while ING Life experienced 47.52 per cent rise, with Tower close behind on 43.92 per cent.
Meanwhile Canstar Cannex has released its annual life insurance ratings, with Zurich and ING Life both taking out the top accolade for offering outstanding value for their suite of life insurance products.
“For the second year in a row, ING Life is up there nationally with its overall combination of consistently strong products and pricing,” Canstar Cannex head of wealth management Stephen Mitchell said.
“This year, Zurich showed it was a serious contender at the top by strengthening key features and adjusting premium prices on its policies. This gave it the edge needed to equal ING Life.”
For outstanding value in product category awards, Canstar awarded term life insurance to Tower Life Australia and Zurich; TPD insurance to Axa and Zurich; trauma insurance to Asteron and CommInsure; packaged life insurance to Macquarie Life and Zurich; and income protection to AIA and CommInsure.
