Payouts top $1.1 billion again

FSC chief executive Peter Neilson said the payout by FSC members of the insurance industry for personal insurance including life and income protection insurance had topped $1 billion a year each year since June 30, 2011.

The FSC’s latest figures show life insurance products comprise about 60% of personal insurance premiums but they are growing more slowly, at 4% a year, than income protection insurance products at 7% a year.

“The growth in new business premiums for income protection products has been higher than the growth in new premiums for life products each quarter since September 2012,” said Neilson.

“Trauma and replacement income products also continue strong and steady growth,” he said.