(WESTWOOD, Mass. June 13, 2002) – For the second consecutive
month, consumer applications for life insurance in the U.S. and Canada demonstrated
growth, with May’s activity up 4.9 percent as compared with the same period last year. The
industry has experienced growth in seven of the past eight months year over year.
According to The MIB Life Indexsm for May 2002, activity
among U. S. insurers was up four percent from May 2001 levels, while activity among
Canadian insurers increased 12.5 percent. May 2002 results showed a slight decline of 3.6
percent in application volume compared to the prior month.
Stacy J. Gill, Vice President and Chief Knowledge Officer
at the MIB Group’s e-Services Corporation said, “Although activity in the age group
45 and older was up a healthy eight percent, more modest growth in the 44 and under age
group dampened the overall growth in application volume for U.S. companies.”
Additionally, according to Gill, an improved methodology
providing a more precise measurement of Canadian insurance activity has been incorporated
into the MIB Life Index. Figures have been restated retroactive to January 2002. The
restatement has no material impact on U.S. figures or aggregate levels of activity.
The MIB Life Indexsm is released in summary form to the
media each month, providing a monthly snapshot free of charge to the industry.
The MIB Life Index Monthly
|Percent Change vs 2001|
|April 2002- May 2002||7.4%||17.9%||8.5%|
|Monthly Percent Change vs Previous Month|
|May 2002||-4.2%||2.3%||-3.6% *|
Methodology providing a more precise measure of activity is incorporated into the May 2002
MIB Life Index with all figures restated retroactive to January 2002.