Braintree, Mass. — North American application activity for individually underwritten life insurance was flat in July, off -0.2% year-over-year, according to the MIB Life Index, which measures application activity across the United States and Canada. The Life Index is a service of MIB Group Inc., Braintree, Mass., a provider of Internet-based information and knowledge services to the risk management market.
Year-to-date (YTD), American and Canadian application activity was off -1.7% compared to the same period last year, while July's activity was off -4.8% when compared to June 2008, according to the latest Index.
U.S. application activity was flat, off -0.2% in July year-over-year, all ages combined, MIB reports. When compared with last July, the 0 to 44 age group declined -2.1%, ages 45 to 59 were up slightly (0.6%), and ages 60 and older jumped 7.1%. The 60-plus age group has consistently shown year-over-year gains since March 2007. July's MIB Life Index for this group is the highest ever recorded for this month since the Index started in 2001. YTD, U.S. application activity was off -2.3%, all ages combined.
According to the report, Canadian application activity also was flat—up 0.4% in July year-over-year, all ages combined. Application activity by age group show ages 0 to 44 up 1.7% year-over-year, with declines in ages 45 to 59 and 60 and older, off -1.4% and -2.7%, respectively. YTD growth in application activity has steadily diminished from its February high of 9.6%, but continues positive, up 2.4% at July's close.
Source: MIB Group Inc.
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