(Westwood, MA. – July
11, 2002) Consumer applications for life insurance in the U.S. and Canada were off 2
percent in June as compared with the same period last year. Activity among Canadian
insurers increased 2.4 percent over June 2001 levels, however these gains were offset by
declining activity in the U.S. of 2.5 percent, dampening overall results. Shaped by April
and May’s brisk application activity, North American life insurance application volumes
showed significant strength in the second quarter 2002, posting a 5.1 percent increase over Q2 2001.
According to The MIB Life Indexsm for June 2002, activity
among U. S. insurers in the 60+ age group was up 6.5 percent from June 2001 levels,
primarily at the expense of the youngest (0-44) age group; a noteworthy reversal of
application demographics some nine months post September 11th. June’s Index also confirmed
two consecutive month-to-month declines in aggregate application volume; April to May off
3.6 percent, May to June off 11.7 percent.
“The overall trend remains positive, but June’s drop
in activity, together with back-to-back monthly declines in volume, suggests a moderating
growth trend overall. This year will continue to provide interesting challenges for the
industry,” says Stacy J. Gill, Vice President and Chief Knowledge Officer at the MIB
Group’s e-Services Corporation.
The MIB Life Index 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 | |||
| US | Canada | Total | |
| June 2002 | -2.5% | 2.4% | -2.0% |
| May 2002 | 4.0% | 12.5% | 4.9% |
| May 2002 – June 2002 | .9% | 7.6% | 1.6% |
| Monthly Percent Change vs Previous Month | |||
| US | Canada | Total | |
| June 2002 | -11.7% | -12.2% | -11.7% |
About MIB Group, Inc.
MIB Group, Inc., headquartered in Westwood, Massachusetts,
is the leading provider of database and information management tools to the global risk
management community, and is a leading facilitator of electronic insurance commerce via
dedicated networks and Internet-based systems. MIB member companies underwrite more than
95 percent of the premium dollars of individual life insurance written in the United
States and Canada. More information about MIB Group, Inc. is available at
www.mib.com.
