US individual life market continues to disappoint

The US individually
underwritten life insurance market disappointed yet again in
September, insurance analytical company MIB Group has
reported.

Across all age groups, MIB
data shows that application activity in the market was down 2%
compared with September 2009, while activity during the third
quarter was down 2.6 compared with the same quarter in
2009.

MIB noted application
activity has been on the wane since February 2010 following what it
termed a “growth burst” between September 2009 and January
2010.

In September 2010, the
biggest slackening in activity was in the up to 44 year age group,
which recorded a 5.5% decline compared with September
2009.

Application activity in the
45 to 59 year age group recorded a minimal 0.2% decline, while in
the over 60 year age group an 8.7% increase was
recorded.

Growth in the over 60 year
age group is also showing signs of waning, having declined from
double digit growth between March 2009 and May 2010 to single digit
growth since then.

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