The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 7.8% fewer life insurance applications in November than in November 2001 and 14.6% fewer than in October.
MIB had hoped a smaller October decrease was the result of a spike in applications following the Sept. 11, 2001, terrorist attacks rather than a decrease in demand for life insurance, and MIB says November is usually slower than October.
“In the U.S. marketplace, Novembers activity has lagged Octobers in six of the past seven years,” says Stacy Gill, a vice president at MIBs e-Services Corp. unit. “However, this years drop of 14.6% is the second largest October-to-November decline since 1997.”
Reproduced from National Underwriter Life & Health/Financial Services Edition, December 16, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.