Reviving the sickly life insurance industry

A race to the bottom on pricing is strangling the life insurance sector, with insurers unwilling to increase premiums and lose customers. Fiddling at the margins won't be enough.

The very mixed results coming out of this month’s company reporting confirms that 2014 is panning out to be an interesting year in the insurance industry. 2013 saw plummeting profitability for most life insurers, with Australian Prudential Regulation Authority data released in February showing that profit across the industry as a whole last year was down by 31 per cent. 


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