The Australian group insurance market appears to have re-stabilised following three years of volatility driven by premium repricing.
New data released by specialist life/risk ratings house, Dexx&r has revealed that in-force group business has resumed what appears to be a normal cycle,
It said that after three years of strong growth in premium inflows, largely the result of premium repricing, group risk inflows have now plateaued.
Dexx&r said total In-force Group Risk increased by 1.4 per cent to $6.23 billion over the 12 months to June 2018, up from $6.17 billion at June 2017.
It said that over the 12 months ending June 2018 three of the top five companies in the Group market recorded an increase in in-force group premiums.
AIA Australia’s In-force business increased by 7.7 per cent to $1.8 billion, Metlife increased by 0.1 per cent to $630 million and OnePath increased by 6.4 per cent to $414 million.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
The Federal Court has ruled in favour of QSuper regarding non-payment of a total and permanent disablement benefit to a member.
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