The Government’s changes to insurance inside superannuation have taken their toll on the major life insurers, with new data revealing total in-force group risk premiums declining by 8.3% over the 12 months to September, according to data released by specialist research house, Dexx&r.
This decline is on top of the data revealing a 22.1% decline in total risk new business for the year to the end of September.
The Dexx&r analysis said it was the second year in which group in-form premium had declined, with in-force business having increased every year between 1999 and 2018.
It said the falls in in-force business reflected the impact of Government’s protecting your super measures.
The analysis said that over the 12 months ending September 2019 two of the top five companies in the Group market recorded an increase in in-force group premiums. TAL’s In-force business increased by 2.2% to $1.8 billion and Metlife increased by 5.4% to $760 million.