Life Insurance Activity Continues Growth In July
August 9, 2016 by MIB Life Index
Braintree, MA. (August 8, 2016) — U.S. application activity for individually underwritten life insurance was up 2.0% in July year-over-year, all ages combined, according to the MIB Life Index. The index value for the MIB Life Index, 7 months YTD is 84.44―levels not seen for the industry since summer 2008. July’s percent change is conservatively stated, as July ‘16 had two (2) fewer business days than July ’15, the comparative period. Year-to-date, the MIB Life Index remains up 3.4%, as gains in the younger ages (0-44) were offset by older age application activity (45-60+). July’s application activity was -1.7% off pace from that of June; summer seasonality, but at a far lesser pace of decline from prior year’s activity at this time.
U.S. life insurance application activity stayed positive across all age groups. Ages 0-44 was up 2.6%, ages 45-59 was flat at 0.4%, and ages 60+ was up 2.7%, year-over-year. Month-to-prior-month (July-June) ages 0-44 gained a full 1%, while gains in ages 45-59 and 60+ just barely moved the needle. Year-to-date July, ages 0-44 are up 4.5%, ages 45-59 are up 1.6%, and ages 60+ are up 2.7%, compared to the same seven month period in 2015.
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