(WESTWOOD, MA. � August 13, 2003) Applications for life insurance in North America declined 1.9% in July compared to the same period last year, but were only slightly lower than June’s trend-breaking rise in application volume. In the U.S., application activity declined by 1.4% year-over-year; in Canada activity declined by 5.8%.
Growth in the 60+ age group remained strong, evidenced by this past month marking the highest recorded July value of the MIB Life Index SM for this segment. In the U.S., the 60+ age group increased 14% year-over-year, posting its second consecutive month of double-digit increases. Year-to-date, the age 60+ age group in North America is up over 4% while the 45-59 and the 0-44 age groups are off by 2% and almost 8% respectively.
“Over the past five years, the summer drop-off between June and July in the U.S. typically ranges from 1% -16%,” states Stacy J. Gill, Vice President and Chief Knowledge Officer at the MIB Group’s e-Services Corporation. “This year’s June to July drop in the U.S. was less than 1%, suggesting further erosion in life insurance activity has not occurred.”
The MIB Life Index
The MIB Life Index is released in summary form to the media each month, providing the earliest snapshot of the industry free of charge.
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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