Life Insurance Activity Continues Growth In July

Braintree, MA. (August 8, 2016) — U.S. application activity for individually underwritten life insurance was up 2.0% in July year-over-year, all ages combined, according to the MIB Life Index. The index value for the MIB Life Index, 7 months YTD is 84.44―levels not seen for the industry since summer 2008. July’s percent change is conservatively stated, as July ‘16 had two (2) fewer business days than July ’15, the comparative period. Year-to-date, the MIB Life Index remains up 3.4%, as gains in the younger ages (0-44) were offset by older age application activity (45-60+). July’s application activity was -1.7% off pace from that of June; summer seasonality, but at a far lesser pace of decline from prior year’s activity at this time.

U.S. life insurance application activity stayed positive across all age groups. Ages 0-44 was up 2.6%, ages 45-59 was flat at 0.4%, and ages 60+ was up 2.7%, year-over-year. Month-to-prior-month (July-June) ages 0-44 gained a full 1%, while gains in ages 45-59 and 60+ just barely moved the needle. Year-to-date July, ages 0-44 are up 4.5%, ages 45-59 are up 1.6%, and ages 60+ are up 2.7%, compared to the same seven month period in 2015.

 

Monthly Percent Change Composite Index (year-over-year) Jul-16 2.0% Jun-16 1.1% May-16 2.6% Apr-16 1.0% Mar-16 4.9% Feb-16 4.6% Jan-16 6.4% Q2 - 2106 1.5% Q1 - 2016 5.4% Q4 - 2015 3.2% YTD - 2016 3.4%   U.S. Monthly Percent Change vs Prior Month July -1.7%

2015-2016 0-44 45-59 60+ Jul - 15 6.5% 0.9% 1.8% Aug 7.0% 3.3% 3.5% Sep 2.8% -0.5% 1.2% Oct 5.6% 0.7% 1.2% Nov 3.8% 0.2% 3.1% Dec - 15 4.5% 0.1% 2.0% Jan 8.4% 4.4% 3.9% Feb 5.8% 2.9% 3.8% Mar 6.5% 3.1% 2.9% Apr 2.6% -0.8% -0.6% May 3.0% 1.1% 3.9% Jun 1.6% -0.6% 2.3% Jul - 16 2.6% 0.4% 2.7% About the MIB Life Index The MIB Life Index is the life insurance industry's timeliest measure of application activity in the United States. Released to the media each month, the Index is based on the number of searches MIB 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, methodology or to subscribe visit http://ift.tt/1Kj82L2.

About MIB
MIB is the life and health insurance industry’s most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB services help to detect fraud, errors and omissions on insurance applications; to analyze industry data needed to manage a variety of financial risks; and to make regulatory reporting compliance less onerous and more efficient. As the life insurance industry’s first statistical agent, our MIB Solutions, Inc. subsidiary cost-effectively performs annual data calls for those insurers subject to principles-based reserving. MIB Group, Inc., a membership corporation, provides services through its wholly-owned operating subsidiaries, MIB, Inc. and MIB Solutions, Inc. For more information, visit www.mibgroup.com.

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