Sovereign holds on to market top spot

Financial Services Council statistics for the period show there was $25.9 million of annual premiums added to term risk business in the quarter, taking the total amount in force at the end of the three months to $1.12 billion.

Trauma added $11 million in annual premiums in cover and replacement income products $13.4 million.

Including whole-of-life and group business, there was $2.28 billion in in-force risk premiums across the market at the end of the quarter.

Sovereign had the largest chunk of the total market, at 20.7%, a position that has been relatively unchanged over recent times.