US life insurers will be heartened by
MIB Solutions’ release of individually underwritten life market
data for January 2010, which reveals a continuation of the recovery
in activity which first became evident in mid-2009.
According to the industry data specialist,
application activity in January increased by 1.2% compared with the
same month in 2009, a development marking the sixth consecutive
month where the year-on-year (YOY) change was positive. For MIB’s
US Life Index, which measures activity, this also marked the
longest sustained trend of US increases on record.
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The strongest growth in application activity
was in the 60 and above age group, which in January recorded a
15.2% YOY increase. This also represented the group’s 10th
consecutive month of double-digit growth YOY growth.
MIB also highlighted a recovery in the 45 to 59
age group, which has lost the most ground of any age group since
2004. The group recorded a 2.5% increase in YOY application
activity, building on an improving trend which began in July 2009.
The zero to 44 age group remained disappointing in January,
recording a 2.5% YOY decline in application activity.
MIB has suspended publication of its Canadian
Life Index, citing increasing volatility and ongoing consolidation
in that market as reasons which have created the need to re-examine
the method of calculating the index.
