Annual risk sales drop close to 25 per cent

According to Plan For Life, overall sales in the risk market dropped by 23.7 per cent over the period.

Among the insurers that reported "very substantial" decreases in risk sales were MetLife and TAL, both reporting drops of 71 per cent and 60 per cent respectively.

Plan For Life also found that AIA experienced a decrease of 37.3 per cent and AMP saw sales drop 22.7 per cent.

The research house noted, however, that the falls in sales were "primarily concentrated" in the group insurance market, not the retail market.

Plan For Life also found risk premium inflows increased 7.1 per cent year on year to $15.2 billion.

Among the insurers that experienced the greatest inflows were BT (13.5 per cent), MetLife (12.1 per cent), OnePath (11.7 per cent) and AIA (9 per cent).