Braintree, MA. – (November 10, 2008) – North American application activity for individually underwritten life insurance was down -1.8% in October year-over-year, according to the MIB Life Indexsm. Year to date (YTD) U.S. and Canadian activity remained stable off -1.9%, compared to the same ten months last year. October activity was up +2.5% over September 2008, in a range consistent for this period.
U.S. application activity declined -2.3% in October year-over-year, all ages combined. Consistent with past trends, age groups 0-44 and 45-59 were off -3.7% and -1.3%, respectively, with the 60+ age group up +3.2% year-over-year. At the close of October, YTD U.S. application activity remained stable at -2.4%, compared to the same ten months last year.
Canadian application activity grew slightly in October up +1.1% year-over-year, all ages combined. Activity by age group was contrary to U.S. results: 0-44 and 45-59 were up +1.7% and +1.2% respectively, with the 60+ age group off -3.0% year-over-year. Year to date, Canadian application activity remained stable at +1.8%, compared to the same ten months last year.
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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.Tags: outlook, report, Valen Analytics