Year-on-year overall risk premium inflows increased slightly, with 1.1% growth.
Of the largest insurers by market share, market leader TAL saw an annual increase of risk inflows of 3.2%, while Zurich (third largest by market share) increased by 5.8%.
Meanwhile, AIA (second largest by market share) saw a decrease of risk inflows by 4.8% and MLC (fourth largest by market share) ended up almost steady, with a decline of 0.1%.
Meanwhile smaller insurers ClearView (9.6%) and NobleOak (24.6%) recorded some of the largest increases in percentage terms.
Overall annual sales in the risk market decreased by 2.1%, mainly due to group risk sales dropping by close to a quarter.
Among leading risk insurers, TAL and Zurich saw their sales rise by 9.0% and 12.2% respectively.
Significant declines in sales were experienced by Resolution (-29.2%), AIA (-21.2%) and MetLife (-9.7%).
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Superannuation fees have fallen 2% over the last financial year to reach to 0.93% per annum, the lowest total expense ratio on record.
Australia’s financial adviser numbers have stabilised at 16,000 and is projected to climb, but this may not be enough to avert a supply shortfall.
