MIB Life Index Reports North American Life Insurance Activity Off 1.9% in November
December 8, 2008
BRAINTREE, Mass., Dec. 5 /PRNewswire/ -- North American application activity for individually underwritten life insurance was down -1.9% in November year-over-year, according to the MIB Life Index (SM). Year to date (YTD) U.S. and Canadian activity remained stable, off -1.9% versus the same eleven months last year. November's activity was off -0.9% as compared to October 2008 activity.
U.S. application activity was down -1.8% in November year-over-year, all ages combined. Application activity by age group showed ages 0-44 off -4.3%, ages 45-59 flat at +0.6%, and ages 60+ up a solid +6.2% year-over-year. Activity in the 60+ age group has increased steadily since March 2007. At November's close, YTD U.S. application activity was off -2.3% versus the same eleven months in 2007.
Canadian application activity was off -3.1% in November year-over-year, all ages combined. Activity by age group was flat or declining across the board: ages 0-44 off -4.5%, ages 45-59 flat at -0.5%, and ages 60+ was off -2.1% year-over-year. November's activity diminished YTD figures by a half percentage point, however Canadian application activity remains up +1.3% versus the same eleven months in 2007.
Monthly Percent Change vs. 2007 U.S. Canada Total November 2008 -1.8% -3.1% -1.9% October 2008 -2.3% +1.1% -1.8% YTD 2008 -2.3% +1.3% -1.9%
Monthly Percent Change vs. Previous Month U.S. Canada Total November 2008 -0.7% -2.2% -0.9%
About the MIB Life Index
The MIB Life Index is the life insurance industry's timeliest measure of application activity across the U.S. 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.
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