BRAINTREE, Mass., Nov. 11 /PRNewswire/ -- North American application activity for individually underwritten life insurance was down -1.8% in October year-over-year, according to the MIB Life Index(SM). Year to date (YTD) U.S. and Canadian activity remained stable off -1.9%, compared to the same ten months last year. October activity was up +2.5% over September 2008, in a range consistent for this period.
U.S. application activity declined -2.3% in October year-over-year, all ages combined. Consistent with past trends, age groups 0-44 and 45-59 were off -3.7% and -1.3%, respectively, with the 60+ age group up +3.2% year-over-year. At the close of October, YTD U.S. application activity remained stable at -2.4%, compared to the same ten months last year.
Canadian application activity grew slightly in October up +1.1%
year-over-year, all ages combined. Activity by age group was contrary to
U.S. results: 0-44 and 45-59 were up +1.7% and +1.2% respectively, with the
60+ age group off -3.0% year-over-year. Year to date, Canadian application
activity remained stable at +1.8%, compared to the same ten months last
Monthly Percent Change vs. 2007
U.S. Canada Total
October 2008 -2.3% +1.1% -1.8%
September 2008 -4.4% +0.5% -3.8%
YTD 2008 -2.4% +1.8% -1.9%
Monthly Percent Change vs. Previous Month
U.S. Canada Total
October 2008 +3.0% -0.6% +2.5%
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 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).
David O. Aronson
MIB Group, Inc.
|SOURCE MIB Group, Inc.|
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