TAL tops group life market share

According to APRA’s data, as at 31 December 2022, TAL led the life insurance market with a 40.3 per cent market share, insuring almost 3.9 million lives, and taking in $830 million in annual premiums from policies insuring a total of $843 billion.

AIA Australia was the second leading insurer by market share at 29.5 per cent, insuring 2.35 million lives, taking in $607 million in annual premiums and holding policies that insure a sum of $495 billion.

MetLife (12.1 per cent), MLC (6.6 per cent), and Qinsure (4.8 per cent) rounded out the top five largest insurers.

Hannover Re had the highest rate of finalised death claims (97.2 per cent), albeit from a much smaller sample size than the other insurers, followed by MLC (96.2 per cent), MetLife (94.3 per cent), Zurich (93.7 per cent), and TAL (91.7 per cent).

There was an average duration of one month across the insurers, with the vast majority (74.4 per cent) finalised within two weeks.

In terms of finalised total and permanent disability (TPD) claims, Qinsure (73.1 per cent) led the way, followed by Zurich (72.5 per cent), Hannover Re (70.0 per cent), TAL (69.9 per cent), and MLC (69.4 per cent).

The average TPD duration across the insurers was 5.1 months, with Qinsure resolving claims the fastest on average at 3.8 months, followed by MetLife and TAL (both at 4.5 months), while RLA lagged behind the rest at 8.1 months average TPD duration.