Braintree, MA. – (June 8, 2010) U.S. application activity for individually underwritten life insurance was flat this past May at +0.2% year-over-year all ages combined, according to the MIB Life Indexsm. Strength in the fourth quarter of 2009 in the U.S. Life Index, has given way to fluctuating gains and losses exhibited in the first five months of 2010. May�s application activity was off -4.9% from that of April — consistent with seasonal norms. Year-to-date, individual application activity for the industry remains positive at +0.6%.
U.S. application activity by age group for May: ages 0-44, off -3.7%; ages 45-59, up +2.1%; and ages 60+ up +12.1% year-over-year. �Continued growth among middle age applicants in all but 4 of the past seventeen months is a positive sign for the industry, as premium dollars for life insurance successfully compete against other investments for this peak earning demographic,� states Stacy J. Gill, MIB Solutions� Executive Vice President.
|U.S. Monthly Percent Change vs. 2009|
|U.S. Monthly Percent Change vs. Prior Month|
|U.S. Monthly Percent Change by Age
|May ’10||Apr. ’10||Mar. ’10|
|0 – 44||-3.7%||-4.6%||-1.6%|
NOTE: Effective January 2010, MIB will suspend publication of the Canadian Life Index. Increased volatility and ongoing market consolidation has created the need to re-examine the method of calculating the MIB Life Index for Canada.
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.