Eight Consecutive Quarters of Expansion
BRAINTREE, Mass., July 12, 2016 /PRNewswire/ — U.S. application activity for individually underwritten life insurance was up 1.1% in June year-over-year, all ages combined, according to the MIB Life Index.
June’s end marks the eighth consecutive quarter of expansion for the MIB Life Index and shows the Index climbing back to levels slightly above those observed in Q2 2012. For Q2 2016, the composite Index was up 1.5% year-over-year, somewhat off pace from Q1’s 5.4%. For the first six months of 2016, the MIB Life Index is up 3.4% YTD.
June’s application activity was just slight off pace (-1.0%) from that of May, exhibiting normal seasonality.
U.S. life insurance application activity across age groups was mixed in June. Ages 0-44 was up 1.6%, ages 45-59 was off -0.6%, and ages 60+ was up 2.3%, year-over-year. At the half year point, application activity for ages 0-44 was up 4.6% YTD, ages 45-59 was up 1.7% YTD, and ages 60+ was up 2.7% YTD compared to the same six months in 2015. For Q2 2016, ages 0-44 was up 2.3%, ages 45-59 was down -0.2%, and ages 60+ was up 1.8% compared to Q2 2015.
Long term trends by age group as measured by index values (Jan.-Jun. YTD 2016/2012) show a more granular view within the composite MIB Life Index. Ages 0-44 (54% of the composite) was 0.9% higher 2016/2012, ages 45-59 (29% of the composite) was -3.9% lower 2016/2012, and ages 60+ (17% of the composite) was 6.1% higher 2016/2012.
Monthly Percent Change
Q2 – 2016
Q1 – 2016
Q4 – 2015
YTD – 2016
U.S. Monthly Percent Change
vs. Prior Month
Monthly subscribers will be emailed the 2016 semi-annual MIB Life Index video available at the end of July. To subscribe visit http://bit.ly/1IgngNq.
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 www.mibgroup.com/lifeindex.
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.