Braintree, MA. – (April 7, 2009) North American application activity for individually underwritten life insurance was off -3.2% in March year-over-year, according to the MIB Life Indexsm. At the close of the first quarter, U.S. and Canadian application activity was off -2.1% compared to the same quarter 2008. March application activity was off -2.8% over the prior February.
U.S. application activity was off -4.3% in March year-over-year, all ages combined. The 0-44 age group was down sharply, -7.8% while the 45-59 age group was off -1.8% and ages 60+ continued it long-run growth trend, up +7.7% over March 2008. The age 60+ group has grown steadily for the last 8 consecutive quarters dating back to Q2 2007. At the close of the first quarter 2008, U.S. life insurance application activity was off -2.5%, all ages combined. Canadian application activity increased +5.2% in March, all ages combined. All age groups were positive, with applications surging in the ages 60+ grouping, up +20.8%. Ages 0-44 were essentially flat at +0.4%, while ages 45-59 grew +11.4% year-over-year. After a -5.2% decline, Q4 2008/2007, the 60+ age group is up +11.6% quarter-over-quarter for Q1 2009/2008. At the close of the first quarter, Canadian application activity was up slightly for the year at +0.7%, all ages combined.
|Monthly Percent Change vs. 2008|
|Q1 – 2009||-2.5%||+0.7%||-2.1%|
|Monthly Percent Change vs. Previous Month|
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.