Braintree, MA. � (April 18, 2011) U.S. application activity for individually underwritten life insurance was up slightly in March, +0.6% year-over-year all ages combined, according to the MIB Life Indexsm. The modest uptick is more earnest than at first glance, given its year-over-year juxtaposition against the +2.4% percent increase for March 2010. Prior to 2010, the U.S. Life Index for March has invariably lost ground in each of the last five consecutive years. At the close of the first quarter (Q1) year-to-date activity is off -1.0% compared to Q1 2010 (the last quarter of recovery as noted by the Index after recessionary levels in 2008/2009). March 2011 application activity was up +1.1% over February 2011 activity.
The U.S. MIB Life Index by age groups showed: ages 0-44, off slightly at -0.6%; ages 45-59, were off -1.6%; and ages 60+, were up +9.3% year-over-year. At first quarter�s close, ages 0-44 were off -3.7%, ages 45-59 were off slightly at -0.9%, and ages 60+ were up +9.2%.
|Mar. ’11||Feb. ’11||Jan. ’11|
|0 – 44||-0.6%||-5.0%||-5.9%|
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.