(WESTWOOD, MA. � September 17, 2003) Applications for life insurance in North America were off 6.6% in August on a year-over-year basis marking the seventh such decline in the last eight months. U.S. applications decreased 6.8% while Canadian applications decreased 4.7% when compared to the same period last year.
Activity in the 60+ age group continues its record pace. The MIB Life IndexSM value of 116.4 is the highest Index value ever recorded for the month of August. In the U.S., August activity in the 60+ segment increased 2.5% year-over-year; the third consecutive month of year-over-year increases and the sixth such increase in 2003. In stark contrast, activity in the 45 and below age group declined by more than 9% over August 2002 levels. In Canada, life insurance applications for the 60+ age group hit another milestone, 12 consecutive months of year-over-year increases.
“This summer’s results for the period June-July-August lagged last year’s activity both in the U.S. and Canada by almost 2% and 3% respectively,” states Stacy J. Gill, Vice President and Chief Knowledge Officer at the MIB Group’s e-Services Corporation.
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.
| Monthly Percent Change vs 2002 | |||
| US | Canada | Total | |
| August 2003 | -6.8% | -4.7% | -6.6% |
| July 2003 | -1.4% | -5.8% | -1.9% |
| YTD 2003 / YTD 2002 | -5.9% | -1.3% | -5.4% |
| Monthly Percent Change vs Previous Month | |||
| US | Canada | Total | |
| August 2003 | -4.2% | -11.7% | -5.0% |
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
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