(Westwood, Mass. � June 15, 2004) Applications for life insurance in North America remained statistically flat in May at +0.2% year-over-year. Notably, May was the fourth consecutive steady month for MIB Life Index, indicating a stable North American market for individually underwritten life insurance compared to last year’s levels. May’s US application activity was flat at +0.5%, with Canadian activity off slightly at -1.8% versus prior year. May over April results, while volatile, typify seasonal norms: US declined -7.0% with a +7.6% increase in Canadian application activity. Year-to-date (YTD) numbers confirm 2004’s market stability with North American applications off slightly at -1.0% compared to the same five months in 2003.
May’s MIB Life IndexSM extends the long-established growth trend in the 60+ age demographic with application activity up +7.9% and +4.6% in the US and Canada respectively year-over-year (YTD: US up +6.5%, Canada up +7.1%). Application activity in the 45-59 age group was flat to declining: US flat at -0.2% and Canada off at -2.5% with similar results in the 0-44 age group: US flat at -0.4% and Canada off at -2.2% year-over-year.
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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