Q2 shows declines moderating from historical levels
Braintree, MA. � (July 14, 2011) U.S. application activity for individually underwritten life insurance was flat in June at +0.1% year-over-year all ages combined, according to the MIB Life Indexsm. Second-quarter application activity was off slightly at -0.5% year-over-year, demonstrating that declines have eased somewhat over historical levels � 2010/2009 Q2 off -1.8%, 2009/2008 Q2 off -1.5%. Year-to date, life insurance application activity is down less than one percent at -0.7%. June application volume was up +1.4% over May, a solid gain over the prior year�s -1.4% loss for the same time period.
The MIB Life Index for June by age group showed: ages 0-44, off -2.2%; ages 45-59, flat at +0.2%; and ages 60+, up +8.1% year-over-year. At the close of the second quarter, ages 0-44 were off -3.2%, ages 45-59 were off slightly at -0.8%, and ages 60+ were up +8.3%.
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|YTD – 2011||-0.7%|
|Q2 – 2011||-1.0%|
|Jun ’11||May ’11||Apr ’11|
|0 – 44||-2.2%||-4.7%||-0.8%|
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.