Braintree, MA. (October 5, 2017) — U.S. individually underwritten life insurance activity continued to improve in September with the MIB Life Index composite just slightly below par,
off -0.6%, year-over-year. The Index has shown steady improvement since Q1 2017's sharp
-4.5% decline but remains in negative territory year-to-date, off -2.6% at September’s close. For the third quarter, the composite Index was off -1.6% Q3-17/Q3-16, showing progressive improvement from this year’s earlier quarters. September's application activity was brisk, up 3.7% when compared to that of August 2017.
U.S. life insurance application activity was mixed across three all age groups. Since last May, the 0-44 age group has consistenty led all others, even while in negative territory. September marks the younger age group’s second consecutive month in positive territory. Ages 0-44 were up 1.1%, ages 45-59 once again showed the sharpest declines at -3.4%, and ages 60+ were off -1.3% compared to same month last year. Year-to-date, application activity ages 0-44 are off -1.5% YTD, ages 45-59 are off -5.1% YTD, and ages 60+ are off -2.3% YTD.
| 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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