(c)AMIB Life Index edges down 3.7% in June.
Byline: Warren S. Hersch
U.S. application activity for individually underwritten life insurance dipped 3.7% in June, a new study reveals.
MIB Group Inc.unveiled this statistic in the latest monthly release of the MIB Life Index, a measure of the U.S. life insurance industry's application activity. The index is based on the number of searches MIB life member company underwriters perform on the MIB Checking Service database.
At the half-year mark, life insurance application activity has eroded in five of the past six months year-over-year, with 2013 activity off -2.2 percent year-to-date, according to the report. Quarterly activity shows the composite index off -3.3 percent (Q2 2013 vs. Q2 2012); and off -1.0 percent (Q1 2013 vs. Q1 2012).
"June's monthly decline is tempered by its juxtaposition against +2.1 percent gain in June 2012," the report states. "However, June's 2013 MIB Life Index value has set a new, all time low for the month across the board."
U.S. application activity was mixed in June across the three age groups.
Ages 0-44 experienced the sharpest declines, off -5.7 percent; ages 45-59 were off -2.8 percent; and ages 60+ increased slightly, up +1.1 percent. For the second quarter, ages 0-44 were down -4.3 percent; ages 45-59 were down -3.7 percent; and ages 60+ were up slightly at +0.8 percent (Q2-13/Q2-12).
Year-to-date, ages 0-44 are off -2.4 percent; ages 45-59 are off -3.3 percent; and ages 60+ are at par (+0.2 percent) in what can thus far be characterized as a contracting year for the MIB Life Index.