MIB: March U.S. Life Apps Down From A Year Ago
The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 3.8% fewer life insurance applications in March than they checked in March 2002.
U.S. buyers have been sluggish for months, but they did submit 9.8% more individual life applications in March than they did in February.
The increase in activity between February and March suggests “that the extended period of weak underwriting and moribund growth could be behind us,” according to Stacy Gill, MIB’s chief knowledge officer.
The Canadian individual life market continues to be more energetic than the U.S. market: Canadian life insurers submitted 5.6% more applications to MIB in March than they submitted in March 2002.
U.S. life insurers have gotten most of their increases in activity from consumers over age 59, but Canadian life insurers have had good luck with younger consumers, MIB says.
Reproduced from National Underwriter Edition, May 5, 2003. Copyright 2003 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.