MIB: October Individual Life Applications Extend Positive Activity in Sector
November 13, 2015 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
BRAINTREE, Mass. – Individual life insurance applications continued their upward trend in October, according to a monthly tracking report from underwriting and risk assessment consultancy MIB Group.
Application activity moved 3.5% higher in October versus a year ago, extended a five-quarter positive streak, MIB said.
The surge was led by applicants age 0 to 44 — up 5.6%, according to the study. That was the seventh consecutive month of growth for this group, MIB noted. Year-to-date growth in this group registered 3.7%.
Application activity for ages 45 to 59 was up 0.7% year-over-year, and up 0.8% year-to-date, MIB said. For those age 60 and older, applications rose 1.2% year-over-year, and 2.3% year-to-date, the group said.
MIB data shows the 0-to-44 age group had positive application activity in every month in 2015 except March, which was down 4.5%.
Last year marked the 60 and older crowd’s return to positive territory — which fell 1.2% in 2013, levels not seen since mid-2007, according to MIB Group Inc (Best’s News Service, Jan. 21, 2015).
The 45-to-59 cohort has been up and down this year: application activity rose in six months of the year, but was off in the other four months, the data showed.
The application activity of all age groups, when combined, has increased 2.6% for the year, MIB said.
Data from LIMRA through the second quarter of this year parallels what MIB has seen, with policy issuance up 5% for the year through June 30.
