Chanticleer, at the AFR, (in this post, but you'll need a subscription) suggest that this is the case, using AMP's experience as the base, and generalising from that. I disagree. AMP's situation is fundamentally that of a wealth company sharpening its focus on that business, exiting the life sector. Meanwhile, some specialist insurance companies appear to be having a great time. It is true that for others it is more mixed, but the digital revolution is well underway, as is the shift towards living benefits. Riding those trends is probably the key to a successful future - for clients, advisers, and insurers.