-US life insurance index shows September drop.
BANKING AND CREDIT NEWS-October 11, 2013--US life insurance index shows September drop(C)2013 M2 COMMUNICATIONS http://www.m2.com
11 October 2013 - US application activity for individually underwritten life insurance was down -2.5% in September year-over-year for all ages combined according to the MIB Life Index.
Third quarter results show life applications continuing to lose ground as compared to same quarter last year, off -2.3%, Q3 2013 / Q3 2012, although the pace of decline is somewhat diminished from the second quarter's losses, off -3.3%, Q2 2013 / Q2 2012.
September's life insurance application activity was +8.3% higher than that of August 2013, consistent with fall sales cycles.
Life insurance application activity declined across all three age groups in September, with ages 0-44 off -3.0%, ages 45-59 off -2.8%, and ages 60+ down slightly at -0.3%. At the close of the third quarter, life insurance application activity is off by -2.6%, ages 0-44; off -3.2%, ages 45-59; and ages 60+ remained flat at +0.2% year-to-date.
The proportion of declining activity by age group is consistent with past trends--sharper declines in younger ages than those for ages 60+.
Additional MIB Life Index metrics are available with registration from www.mibsolutions.com/loginLI (register atwww.mibsolutions.com/regLI) including MIB Life Index Annual Reports.
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.
MIB is the life and health insurance industry's resource for risk information and analytical services. Owned by the industry, MIB develops products and services for its members that improve their risk assessment.
Find out more at www.mibgroup.com.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Oct 11, 2013|
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