Braintree, MA. – (June 13, 2008) North American application activity for individually underwritten life insurance was off -2.4% in May, year-over-year, according to the MIB Life Indexsm. Year-to-date (YTD) U.S. and Canadian application activity was off -2.1% compared to the same period last year. May’s activity was off -2.8% when compared to April 2008.
U.S. application activity was down -2.9% in May year-over-year, all ages combined. Age groups 0-44 and 45-59 declined -3.9% and -3.2%, respectively versus May 2007. Continuing a fourteen month growth trend, the 60+ age group was up +3.0% year-over-year. The U.S. 60+ MIB Life Index is the highest ever recorded for a May since its inception in 2001, with the exception of May 2005. YTD, U.S. application activity was off -2.8%, all ages combined.
Canadian application activity remained relatively flat for the third consecutive month, up +0.8% year-over-year, all ages combined after seven strong months of growth until March 2008. With the exception of only two months, Canada’s overall MIB Life Index value (all ages combined May 2008) is the highest ever recorded since its inception in 2001. In May, ages 0-44 were up +2.6%, ages 45-59 and 60+ were off -1.2% and -4.7%, respectively year-over-year. YTD, Canadian growth by age group is contrary to the U.S. — ages 0-44 up +4.9% (-4.5% U.S.), ages 45-59 up+2.0% (-2.4% U.S.), and ages 60+ off -1.4% (+5.2% US) versus the same five months last year. YTD, Canadian application activity was up +3.5% 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.