(Westwood, Mass. � September 12, 2002) Consumer applications for life insurance in North America dropped 4.6 percent in August 2002 compared to the same period last year. U.S. applications were off 5.0 percent in August, while Canadian activity showed no growth year over year. Canadian applications dropped 12.7 percent in August interrupting a double-digit growth trend that spanned all of 2002. Overall, U.S. applications declined 1.9 percent for the summer period (June – August), while Canadian summer activity was 6.8 percent ahead of 2001 levels.
According to The MIB Life IndexSM for August 2002, U.S. activity in the 60+ age group showed a 3.0 percent increase at the expense of the under 45 age group where applications activity declined by 7.6 percent.
“The contrast of application growth by age demographics continues between the U.S. and Canada. Year over year application activity in the 60+ age bracket in the U.S. continues to increase for the ninth consecutive month. In Canada, the under 45 age group has grown in eleven of the last twelve months, compared to the same period last year,” 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|
|July – August 2002||-1.7%||9.2%||0.6%|
|Monthly Percent Change vs Previous Month|
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