Braintree, MA. � (May 7, 2009) North American application activity for individually underwritten life insurance was flat in April at -0.3% year-over-year, according to the MIB Life Indexsm. April�s activity versus March shows overall application volume off -3.7%. Year-to-date, April�s MIB Life Index is off -1.6%. Relative to April 2008 / April 2007 YTD, which showed a -2.1% change in application activity, April 2009 / April 2008 YTD results, while still negative, are ahead of where the industry was for the same four months last year.
U.S. application activity was off slightly, down -0.8% in April year-over-year, all ages combined. Activity in the 0-44 age group was off -5.1%, while year-over-year increases were seen in the 45-59 and 60+ age groups up +2.4% and +12.7%, respectively. Year-to-date application activity is off -2.0%, all ages combined.
Canada continued a three month growth trend in application activity ages 45-60+. Overall, Canadian application activity increased +3.0% in April year-over-year, all ages combined. Activity in the 0-44 age group was off -1.5%, while year-over-year increases were seen in the 45-59 and 60+ age groups up +9.8% and +14.1%, respectively. Canada has not seen double-digit growth in April for ages 60+ since early-2006. Year-to-date, application activity is up +1.2%, all ages combined.
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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.