(WESTWOOD, MA. � October 16, 2003) Applications for life insurance in North America took a positive turn in September posting a 2.2% increase over 2002 levels, marking only the second month of year-over-year application growth for all 2003. Application activity in the U.S. and Canada increased 1.9% and 4.4% respectively when compared to the same period last year. September’s jump in applications failed to offset a disappointing July and August; third quarter results show an overall decline in the U.S. of 2.1% with Canadian quarterly activity declining 2% from Q3 2002.
Growth of life insurance applications in the 60+ age group continued at a breakneck pace. September marked the fourth straight month where the MIB Life IndexSM posted a “highest-ever” recorded value for a given monthly time period. Age 60+ application activity in the U.S. showed a 13.5% year-over-year increase in September with third quarter results up 10% compared to Q3 2002. In the 0-44 age group, third quarter performance lagged that of 2002 by more than 5%. In Canada, applications in the 60+ age group increased 19% over September 2002 levels which were predominantly influenced by the strong performance of a few large Canadian insurers.
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|
|YTD 2003 / YTD 2002||-5.1%||-0.7%||-4.6%|
|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