BRAINTREE, Mass., July 7 /PRNewswire/ -- U.S. application activity for individually underwritten life insurance declined -3.9% in June year-over-year, all ages combined, according to the MIB Life Index(SM). June's decline was the largest year-over-year drop in U.S. application volume since March 2009. Overall, the U.S. Life Index experienced alternating monthly gains and losses over the first two quarters of the year resulting in application activity being off fractionally at June's close, down -0.2% YTD. June's activity was off -1.4% from May levels; declines are atypical for this time period.
The U.S. MIB Life Index by age group for June showed ages 0-44, off -7.2%; ages 45-59, off -3.1%; and ages 60+, up +8.1% year-over-year. After growth in ten of the last twelve months, ages 45-59 had its largest year-over-year percentage decline since May 2009. Activity in the 60+ age group has paused from double digit growth to single digit for the first time since March 2009.
U.S. Monthly Percent Change vs. 2009
Q2 2010/Q2 2009
U.S. Monthly Percent Change by Age
0 - 44
U.S. Monthly Percent Change vs. Prior Month
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 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 and an email subscription visit www.mib.com/lifeindex.
About MIB Group, Inc.
MIB Group, Inc. is the premier provider of Internet-based information and knowledge services to the risk management market in North America and is a leading facilitator of electronic insurance commerce. MIB Group, Inc. companies include MIB, Inc. and MIB Solutions, Inc. (www.mib.com).
David O. Aronson
MIB Group, Inc.
SOURCE MIB Group, Inc.