BRAINTREE, Mass., Aug. 14 MA-MIB-insure-report
BRAINTREE, Mass., Aug. 14 /PRNewswire/ -- 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. Year-to-date (YTD)
U.S. and Canadian application activity was off -1.7% compared to the same
period last year. July's activity was off -4.8% when compared to June 2008.
U.S. application activity was flat, off -0.2% in July year-over-year, all
ages combined. When compared against last July, the 0-44 age group declined
-2.1%, ages 45-59 were up slightly at +0.6% and ages 60+ jumped +7.1%. The
60+ 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.
Canadian application activity was flat, up +0.4% in July year-over-year,
all ages combined. Application activity by age group show ages 0-44 up +1.7%
year-over-year with declines in ages 45-59 and 60+, 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.
Monthly Percent Change vs. 2007
U.S.Canada Total
July 2008 -0.2%+0.4% -0.2%
June 2008 -0.9%-0.7% -0.9%
YTD 2008 -2.3%+2.4% -1.7%
Monthly Percent Change vs. Previous Month
U.S.Canada Total
July 2008 -4.6% -6.2% -4.8%
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 http://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. (http://www.mib.com).
Contact:
David O. Aronson
MIB Group, Inc.
781-751-6330
info@mibsolutions.com
SOURCE MIB Group, Inc.
