Life Insurance Australia

Australian Life Insurance Quotes and Resources

Life Insurance Australia :: News

Share this news item!

Adviser Shortage and Policy Shifts Impact Life/Risk Market

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The decline of life/risk advisers paired with the Australian Prudential Regulation Authority's (APRA's) intervention in the Individual Disability Income (IDII) insurance sector imposes fresh challenges on the market, hinting at recovery only intermittently.

Recent insights from Dexx&r, a specialist research organization, depict a significant effect of governmental policies on Australia’s life/risk market, shaking even the traditionally sturdy group insurance subset.

Dexx&r's latest analysis shows a mere 0.4% rise in total risk in-force premiums for the year concluding in December 2023, reaching $16.5 billion.

Interestingly, new individual risk lump sum businesses declined by 5.4%, revealing the broader implications of the prevailing market conditions.

This market turbulence is further highlighted by the increase in individual lump sum discontinues, which escalated to 10.1% by December.

In a stark contrast, new disability income business saw a 7.3% rise during the same year, hitting $451 million, up from $420 million in the prior year.

The attrition rate for Disability Income business is on an upward trajectory, climbing from 9% in December 2020-just before APRA introduced new disability income products-to higher levels following the product releases in 2021.

Significantly, Dexx&r highlighted a 1% decrease in in-force group business for the year ending December 2023. This contraction points to the impact on premium receipts connected to default covers for superannuation funds.

“The introduction of the Protecting Your Super measures led to a reduction in members with default cover; nonetheless, overall premium receipts surged due to re-pricing of existing benefits,” Dexx&r stated.

Total In-force Group Risk Premium witnessed a small dip of 1%, lowering from $7.1 billion in December 2022 to $7.0 billion by December 2023.

TAL maintains its lead with a 32% market share, followed by AIA Australia, Zurich, and MLC Life.

Published:Friday, 17th May 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Understanding Victoria's Security of Payment Act Reforms

27 Apr 2026: Paige Estritori

Victoria's construction industry is undergoing significant changes with the recent amendments to the Security of Payment Act (SOPA), which took effect on April 15, 2026. These reforms introduce new payment obligations and rights for builders and contractors, aiming to streamline payment processes and reduce disputes within the sector. - read more

How Rising Construction Costs Are Influencing Insurance Strategies in Australia

27 Apr 2026: Paige Estritori

Australia's construction sector is currently grappling with significant cost increases, driven by factors such as supply chain disruptions, inflation, and labor shortages. These escalating expenses are compelling builders and contractors to reevaluate their insurance coverage and risk management strategies to safeguard their projects and financial stability. - read more

Understanding the Softening of Australia's Construction Insurance Market

27 Apr 2026: Paige Estritori

In 2025, Australia's construction insurance market has entered a softer phase, characterized by decreasing premiums across various lines. This shift is largely attributed to increased competition among insurers, providing builders and contractors with opportunities to secure more favorable insurance terms. - read more

NRMA Flags Crude Oil Supply as Australia's Pressing Concern

26 Apr 2026: Paige Estritori

The National Roads and Motorists' Association (NRMA) has raised concerns about Australia's crude oil supply, identifying it as a significant challenge amid ongoing Middle East conflicts. This situation has potential implications for transport costs and motor insurance exposures in the coming months. - read more

AustralianSuper Announces Substantial Insurance Premium Increases

25 Apr 2026: Paige Estritori

AustralianSuper, the nation's largest superannuation fund, has informed its members of impending increases in insurance premiums, set to take effect from May 30, 2026. This development is particularly noteworthy for those holding life, total and permanent disability (TPD), and income protection insurance through their superannuation accounts. - read more

Click for more Insurance News

Life Insurance Articles

Top 5 Reasons to Consider Life Insurance While You're Young

When you’re young, life is all about new experiences and making plans for a promising future. While factors like travel, career, and relationships often take centre stage, one aspect often overlooked is life insurance. It might seem like something to consider later in life, but starting a policy while you're young can be a savvy financial move. - read more

Life Events That Should Trigger a Life Insurance Review for Aussie Families

Life insurance is a cornerstone of financial planning for Aussie families, offering protection and peace of mind. But what happens when the bustling flow of life brings changes? This is where a life insurance review comes into play. A life insurance review is a thorough analysis of your existing policy to ensure it aligns with your current life circumstances and financial goals. - read more

Understanding the Role of Life Insurance in Financial Security

Life insurance can seem complex at first, but understanding the basics can help demystify this important financial product. At its core, life insurance is a contract between you and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon your passing, in exchange for premium payments. - read more

Trauma Cover: Calculating Adequate Protection for Life's Unexpected Moments

The financial fabric of our lives consists of both planning and safeguarding against the unforeseen. Trauma cover, a lesser-known but crucial aspect of personal insurance, provides this protection by offering a lump sum payment upon diagnosis of specific serious illnesses or injuries. In the tapestry of financial planning, it acts as a vital safety net, ensuring that unexpected health crises do not lead to monetary distress. - read more

How Pre-Existing Conditions Influence Life Insurance Premiums

When it comes to life insurance, a pre-existing condition refers to any medical condition or illness that you have been diagnosed with before applying for a life insurance policy. - read more

Start Here !

Apply now for your free Insurance assessment and price comparisons!

Knowledgebase

Insurance Deductible:
the amount that an insured is required to contribute toward an insurance claim as stipulated in an insurance policy. Otherwise known as the "policy excess".

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.