MIB: Life Insurance Activity Flat at 0.2%
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 Index (SM). 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.
Trend analytics for the MIB Life Index are available free with registration by visiting www.mibsolutions.com/LI
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. and Canada. 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. For past releases and an email subscription visit HU www.mib.com/lifeindex .
About MIB Group, Inc.
MIB Group, Inc. is the premier provider of Internet-based information and knowledge services to the risk management market in North America and is a leading facilitator of electronic insurance commerce. MIB Group, Inc. companies include MIB, Inc. and MIB Solutions, Inc. (www.mib.com).
Contact:
David O. Aronson
MIB Group, Inc.
781-751-6330
[email protected]
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