The purchase of new risk products dropped in the year to 31 March 2023 in Australia, echoing the decline recorded a year earlier, and a fall in the year to December 2022.
Plan for Life’s latest data shows total risk sales for the March 2023 year slipped 8.3% to AU$2.14bn, compared to a year earlier.
The research firm says that in the individual risk lump sum market, year-on-year reported sales remained little changed, up 0.9% (to reach $1.22bn) in the March 2023 year.
In the individual risk income market, overall new premium sales decreased 8.1% to $517m over the same period.
For the year ending December 2022, new premium sales for individual lump sum policies declined by 5.3% compared to 2021, while individual income protection insurance new business sales were down by 4.1% (see: Risk New Business Continues Sad Decline).
However, the latest analysis for the March 2023 year shows total risk market inflows rose by 3.2% from $17.7bn to $18.2bn.
Premium inflows into the individual risk lump sum and the individual risk income markets increased by 2.7% and 4.3% respectively ahead of the March 2022 year inflows.
