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Re-pricing premiums continue to lift group insurers
Re-pricing of premiums have continued to boost major life insurers despite Protecting Your Super measures reducing the number of members covered by default insurance, according to data.
The latest data by DEXX&R found total in-force group risk premiums increased 2.9% from $6.4 billion at March 2020 to $6.6 billion over the 12 months to March 2021.
The research house said the re-pricing of existing benefits had enabled life companies active in the group market to increase total premiums received.
“Over the twelve months ending March 2021 two of the top five companies in the group market recorded an increase in in-force group premiums,” it said.
“AIA’s in-force business increased by 31.9% to $1.3 billion and QInsure 8.8% to $726 million.”
Total in-force business (individual and group) written by life companies increased over the year by 2.5% to $16.1 billion.
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The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
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.
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