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MIB: U.S. Life Activity Rises 2.8% In June

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NU Online News Service, July 10, 2003, 4:47 p.m. EDT – The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 2.8% more life insurance applications in June than they checked in June 2002.

U.S. activity increased for the first time in nine months, MIB reports.

“This increase ends four consecutive years where June’s activity has been less than the previous June,” says Stacy Gill, MIB’s chief knowledge officer.

A 19% increase in the activity level for applicants over age 59 helped drive the increase in overall U.S. activity.

Canadian insurers have been doing better than U.S. insurers for most of the past 12 months, but they faltered last month. The Canadian activity level was only 2.2% higher in June than in June 2002, MIB says.

MIB is a nonprofit group that collects information about individual life insurance customers for most U.S. and Canadian life and health insurance companies. The group uses the search activity statistics for its own databases to compute life application activity statistics. The life index includes results for insurers that account for more than 95% of all U.S. and Canadian individual life premium revenue, MIB says.