Braintree, MA. (July 19, 2017) —U.S. individually underwritten life insurance activity declined
-2.6% in June year-over-year, closing out a second quarter that showed improvement over Q1 losses, according to the MIB Life Index. The composite index has lost ground in every month of 2017; softening of year-over-year application activity first surfaced in the third quarter of 2016. At the close of the second quarter, the MIB Life Index is off -3.2% YTD. 2017 YTD declines basically erased gains achieved in the first two quarters of 2016, and gave back roughly one third of the total gains recorded in the 2015-2016 expansionary period. In relative terms, the Q2 2017 YTD Life Index value (99.96) is now on par with index values seen in Q2 2015 (99.78). June’s application activity was -1.6% off the pace from May 2017 levels, but consistent with seasonal norms. 2017 year-over-year declines should be tempered against the all-time high index values posted in the comparative six months of 2016.
U.S. life insurance application activity declined across all three age groups in June with the 45-59 group showing the largest losses at -5.0%, year-over-year. In June, ages 0-44 was off the least at -0.9% and ages 60+ was off -4.1%, as compared to same month last year. For the second quarter, application activity ages 0-44 were down –0.4%, ages 45-59 were down -4.6%, and ages 60+ were down -2.1%. Year-to-date, application activity ages 0-44 are down –2.3%, ages 45-59 are down -5.5%, and ages 60+ are down -2.1%. Application activity ages 45-59 continue to account for the lion’s share of 2017 declines.
| 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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