MIB Life Index Reports U.S. Life Insurance Activity Up +4.2% in March

First Quarter 2013 off -1.0%

News provided by

MIB Group, Inc.

Apr 12, 2013, 01:36 ET

BRAINTREE, Mass., April 12, 2013 /PRNewswire/ -- U.S. application activity for individually underwritten life insurance rebounded in March from early year declines jumping +4.2% year-over-year, all ages combined according to the MIB Life Index.  March gains appear to be pent-up demand from the winter months and contributed significantly to ground gained on the quarter's close.  The MIB Life Index was off -1.0% in the first quarter as compared to a very strong first quarter in 2012. March Index values tell the broader picture with the composite Index value approaching par (100), a level not seen for this month since 2006.

U.S. application activity was up across all three age groups: ages 0-44 up +5.2%, ages 45-59 up +1.5%, and ages 60+ up +5.6%. At the close of the first quarter: ages 0-44 were flat at
-0.3%, ages 45-59 were off -2.7%, and ages 60+ were flat at -0.2% as compared with Q1, 2012. March volumes showed marked increases in application activity over February: ages 0-44 up +6.2%, ages 44-59 up +1.7%, and ages 60+ up +1.8%.

MIB CEO Lee Oliphant talks with A.M. Best on the 2012 year-in-review available from www.mibgroup.com. Review the 2012 industry trends in MIB's 2012 Life Index Annual Report (register for free) at www.mibsolutions.com/regLI or login at www.mibsolutions.com/loginLI.

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

March 2013

+4.2%

February 2013

-4.5%

January 2013

-2.3%

Q1 2013

-1.0%

U.S. Monthly Percent Change by Age

(year-over-year)

 

Mar '13

Feb. '13

Jan. '13

0 - 44

 

+5.2%

 

-3.9%

 

-1.7%

45- 59

 

+1.5%

 

-6.2%

 

-3.2%

60 +

 

+5.6%

 

-3.3%

 

-2.6%

U.S. Monthly Percent Change
vs. Prior Month

 

March 2013

+4.2%

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.mibgroup.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).

SOURCE MIB Group, Inc.