Braintree, MA. — (April 10, 2008) North American application activity for individually underwritten life insurance declined -3.2% in February year-over-year, according to the MIB Life Indexsm. Year-to-date (YTD) U.S. and Canadian application activity was off -1.4% compared to the same period last year. Overall, February application activity was up +6.6% over January 2008 levels.
U.S. application activity was off -4.8% in February year-over-year, all ages combined. Declines were observed in the 0-44 and 45-59 age groups off -5.7% and -5.5% respectively, while the 60+ age group extended an eleven month growth streak up +2.6% versus February 2007. YTD 2007 U.S. application activity is off -2.7% all ages combined.
Canadian application activity increased +9.5% in February year-over-year all ages combined, marking the eleventh consecutive month of increases. By age grouping, Canadian application activity was up across the board: ages 0-44 up +10.8%, ages 45-59 up +9.2%, and ages 60+ up +2.4% year-over-year. YTD 2007 Canadian application activity is up +9.6%, all ages combined.
|Monthly Percent Change vs. 2007*|
|Monthly Percent Change vs. Previous Month|
*January, February and YTD 2008 percentages have been adjusted to reflect a Canadian reporting anomaly for the period January-June 2007.
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.