The Australian income protection insurance market experienced a 10.8 per cent growth in premium in flows for the calendar year 2011, according to the latest statistics released by Plan for Life.
Released 18 April, the 2011 figures build from the 11.6 per cent growth of in flow premiums experienced in 2010. The measurement of premium inflows includes in force premiums at the end of the 2011, plus single premiums during 2011.
BT were the leading income protection insurance company in terms of in flow premium growth for 2011 with a 24.0 per cent growth rate, followed by OnePath with 17.7 per cent, AIA with 16.6 per cent, and TAL with 14.9 per cent.
Sales of new risk income protection insurance premiums experienced a sharp increase in 2011, up by 18.5 per cent for the overall market (and up from an 8.1 per cent annual growth rate for 2010). TAL led the way with a 60.2 per cent growth rate, followed by OnePath with 28.0 per cent, BT with 27.1 per cent, and AMP with 17.0 per cent.
MLC claimed a 20.3 per cent market share of income protection inflows (down 1.4 per cent from year end 2010), followed by AMP with 19.8 per cent (down 0.8 per cent), CommInsure with 12.3 per cent (down 0.2 per cent), and OnePath with 11.3 per cent (up 0.6 per cent).