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Higher price for direct insurance
Group insurance products are still significantly lower than the equivalent direct life insurance products, according to Rice Warner Actuaries and Consultants.
Its latest direct life insurance report said that although group insurance beat out direct life insurance products, a comparison with adviser-sold products proved more complicated due to their commission-based structure.
Direct life insurance could however sometimes compete with adviser-sold products, Rice Warner said.
Rice Warner said the direct life insurance market had experienced significant growth over the year, with sales increasing 10.6 per cent and in-force premiums increasing by 13 per cent.
Despite solid market growth overall, many ventures had failed and shut-up shop after expected business volumes fell short.
While many businesses had experienced higher lapse rates over the year, it had less impact than on the adviser market, according to the report.
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