BRAINTREE, Maine, July 9 NY-MIB-LifeIndex
BRAINTREE, Maine, July 9 /PRNewswire/ -- North American application
activity for individually underwritten life insurance was off slightly in
June, down -0.9% year-over-year, according to the MIB Life Index(SM). Second
quarter activity trailed that of Q2 2007 by -2.5%. Year-to-date (YTD) life
insurance application activity has declined -1.9%, compared to the same period
last year.
U.S. application activity was off -0.9% in June year-over-year, all ages
combined. Second quarter activity trailed that of Q2 2007 by -2.9% with
quarterly declines principally attributed to lost ground in the 0-44 and 45-59
age groups, down -4.4% and -2.5% respectively. Ages 60+ showed a quarterly
increase of +4.2%, Q2 2008 over Q2 2007. June's activity by age group
followed suit: ages 0-44 and 45-59 off -2.3% and -0.5% year-over-year,
respectively with a +5.1% jump, ages 60+. YTD, U.S. application activity is
off -2.5% versus the same six months 2007.
Canadian application activity was off -0.7% in June year-over-year, all
ages combined. Second quarter year-over-year was flat at -0.2%. When added
to first quarter gains, Canada's application activity is ahead of last year by
+2.8% YTD. Unlike the US, Canada's June activity by age group was flat in the
0-44 and 45-59 groupings, off -0.5% and up +0.5%, respectively when compared
to last June. Strong year-over-year first quarter growth in both these age
groupings (+6.9% and +5.5%, respectively) appears to have given way in the
second quarter of 2008. Age 60+ activity was down -6.3% versus June 2007,
marking its fourth consecutive month of declines.
Monthly Percent Change vs. 2007*
(period 2008) U.S. CanadaTotal
June -0.9%-0.7% -0.9%
May -2.9%+0.8% -2.4%
Q2-2.9%-0.2% -2.5%
YTD -2.5%+2.8% -1.9%
Monthly Percent Change vs. Previous Month*
U.S.Canada Total
June 2008 +0.5% -8.0%-0.7%
* May, June, Q2 and YTD 2008 percentages have been adjusted to reflect a
Canadian reporting anomaly for the period January-June 2007.
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 email subscription visit 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
info@mibsolutions.com
SOURCE MIB Group, Inc.
