North American application activity for individually underwritten life insurance declined -3.1% in June, year-over-year, according to the MIB Life Index. It was the Index’s fifth consecutive monthly drop this year. Year-to-date, June application activity was off -3.3% for North America; off -3.4% and -2.7% for the U.S. and Canada, respectively. Second quarter applications (Apr.-June) U.S. and Canada combined were off -4.0% versus Q2 2004. By comparison, Q2 2004 activity was less than -1.0% below that of Q2 2003.
The U.S. MIB Life Index(SM) declined -3.0% in June, year-over-year, for all ages combined. Year-over-year, declines were seen across all three age groups: -4.1%, -1.4% and -0.4% for age groups 0-44, 45-59 and 60+, respectively. Year-to-date, the 60+ age group is running +1.5% ahead of 2004 levels. Despite reasonably consistent monthly growth, the 60+ age group remains -7.7% off from its June 2003 peak. For the second quarter, U.S. application volumes were -4.4% behind that of Q2 2004.
Canadian application activity declined -3.9% in June, year-over-year, for all ages combined. Like the U.S., year-over-year declines were seen across all three age groups: -3.9%, -4.3% and -2.2% for age groups 0-44, 45-59, and 60+, respectively. For the second quarter, Canadian application volumes were -1.6% behind that of Q2 2004.July 20th, 2005 by site admin | No Comments »