(Westwood, Mass. � November 12, 2002) October applications for life insurance in North America decreased 1.9% as compared to the same period last year. U.S. application activity was off 2.6% with Canadian application activity increasing 5.2% compared to October 2001 levels. This month’s overall decline must be viewed in consideration of steep increases in life applications observed last October in the wake of the September 11th terrorist attacks. When compared to October 2000 levels, U.S. application activity was up nearly 7%.
When compared to this past September, October’s application activity in the U.S. increased 16.6%; similarly Canadian activity jumped 15.6%, according to The MIB Life Index SM. Seven year historical averages of application activity trend October results 12-13% higher than September levels; further evidence September 11th initially depressed insurance activity, with resurgence last October.
“Year-to-year comparisons of U.S. application activity over the last eight months suggest modest but discernable market growth for 2002. Life insurers continue to trade market share with the size of the U.S. market, struggling for continued growth,” states Stacy J. Gill, Vice President and Chief Knowledge Officer at the MIB Group’s e-Services Corporation.
|Monthly Percent Change vs 2001|
|Sept – Oct 2002||1.3%||9.1%||2.1%|
|Monthly Percent Change vs Previous Month|
About the MIB Life Index
The MIB Life Index is the life insurance industry’s timeliest measure of application activity across the U.S. Released to the media each month, the Index is based on the number of searches life member company underwriters perform on the MIB Checking Service database. Since the vast majority of individually underwritten life premium dollars in North America include an MIB search as a routine underwriting requirement, the MIB Life Index provides a reasonable means to estimate new business activity.
MIB is the life and health insurance industry’s most trusted resource for risk information and analytical services. Owned by the industry it has served for more than a century, MIB is uniquely positioned to aggregate industry insights in order to develop products and services for our members that improve their risk management decisions. MIB, Inc. and MIB Solutions, Inc. are wholly-owned subsidiaries of the MIB Group, Inc. Visit www.mib.com.