The Australian life insurance industry recorded strong growth last year, with premium inflows up 11.5% for the year ending September 2011 according to Financial Services Council (FSC) CEO John Brogden.
“While these are the metrics that matter to the industry, we cannot forget the key metric that matters to consumers,” he said.
“The latest figures from the Australian Prudential Regulation Authority show in the year to June 2011, the life insurance industry paid out almost $4.7 billion in death and disability claims.
This amounts to $12.8 million being paid out every single day.”
Mr Brogden says as levels of cover continue to grow in the life insurance market, this will bring lots of benefits for insurers working in the segment.