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Australia s Life Insurance Sector Hits $1 2 Billion in FY23: KPMG

Australia s Life Insurance Sector Hits $1 2 Billion in FY23: KPMG
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Briallen cummingsProtecting your superPutting member interest firstIndependent financial advisersPartner briallen cummings

Insurance lapses on the rise as risk advisers decline

The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.

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Life insurance industry profits double, premiums rise: KPMG

Life insurance profits in Australia have soared to $1.2 billion, doubling in the year to 30 June 2023, primarily due to gains in superannuation business, according to KPMG s annual market review.

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Life policyholder decline attributed to PYS, PMIF

The life insurance sector has stabilised but the long-term claims outlook remains uncertain due to the extent of anti-selective outcomes that have risen from the opt-in changes for superannuation members under 25, according to KPMG.

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Life insurance market stabilises despite Covid: KPMG annual sector review

Australia’s life insurance sector stabilised in the 12 months to 30 June 2021, with overall premium income rising by 2.4 percent to $17.7bn, KPMG’s

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