MIB Life Index Reports U.S. Life Insurance Activity off -4.4% in March First Quarter 2014 off -5.4%

BRAINTREE, Mass., April 17, 2014 /PRNewswire/ -- U.S. application activity for individually underwritten life insurance was off -4.4% in March, year-over-year, all ages combined according to the MIB Life Index. Declining activity across the first three months of the year foreshadowed 2014's first quarter losses, off -5.4% as compared to Q1 2013. The MIB Life Index has marked declining life insurance application activity for the past twelve consecutive months. March activity was +3.9% higher than that of the previous February.  

U.S. life application activity by age group mirrored the composite Index, with ages 0-44, off -5.3%; ages 45-59, off -4.7%; and ages 60+ off -1.0%. March declines by age group were on par with those occurring in February 2014. For the first quarter 2014, ages 0-44 was off -6.3%; ages 45-59, off -6.0%; and ages 60+ off -1.7%. The long-term trend line shows ages 0-44 and 45-59 in negative territory for twelve consecutive months trailing. Ages 60+ shows mixed gains and losses during that time, with the absolute decline far less steep.

MIB CEO Lee Oliphant talks with A.M. Best on the 2013 year-in-review available from www.mibgroup.com/news. Review all the industry trends and register (free) for MIB's 2013 Life Index Annual Report at www.mibsolutions.com/regLI or login at www.mibsolutions.com/loginLI.

 

U.S. Monthly Percent Change
(year-over-year)

March 2014

-4.4%

February 2014

-4.2%

January 2014

-7.9%

Q1 2014

-5.4%

 


U.S. Monthly Percent Change by Age

(year-over-year)

 


Mar. '14

Feb. '14

Jan. '14

0 - 44

 

-5.3%

 

-4.9%

 

-9.1%

45- 59

 

-4.7%

 

-4.5%

 

-8.7%

60 +

 

-1.0%

 

-1.4%

 

-2.9%

 

U.S. Monthly Percent Change
vs. Prior Month

March 2014

+3.9%

 

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.mib.com/lifeindex

About MIB
MIB is the life and health insurance industry's most trusted resource for risk information and analytical services. Owned by the industry it has served for more than a century, MIB is uniquely positioned to aggregate industry insights in order to develop products and services for our members that improve their risk assessment. MIB, Inc. and MIB Solutions, Inc. are wholly-owned subsidiaries of the MIB Group, Inc. (www.mibgroup.com).

Contact:
David O. Aronson      
MIB Group, Inc.                                               
781-751-6330                                                                         
daronson@mib.com

SOURCE MIB Group, Inc.



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