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Group life shows continued growth
Group life continues to be an attractive market to the major insurers, according to the latest data released by specialist research house, DEXX&R.
The data, released this week, revealed that total in-force Group Risk business increased by 7.3 per cent to $6.1 billion over the twelve months to September 2016, up from $5.6 billion at September 2015.
It said that over the year ending September 2016 four of the top five companies — TAL, AIA Australia, CommInsure, and MLC recorded an increase in in-force group premiums.
The analysis showed that total in-force business (individual and group) written by direct life companies increased by 6 per cent to $15.2 billion over the year to September 2016, up from $14.4 billion at September 2015.
Looking at market share, the DEXX&R analysis revealed the top five to be: TAL with 17.1 per cent, AIA Australia with 14.8 per cent, AMP with 13 per cent, MLC Life with 12.3 per cent, and CommInsure with 11.6 per cent.
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