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MIB Reports 3.6% Drop In November Activity

By Staff Writer

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NU Online News Service, Dec. 16, 2003, 3:48 p.m. EST – The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 3.6% fewer life insurance applications in November than they checked in November 2002.[@@]

Activity for U.S. applicants over age 59 was much stronger than activity for U.S. applicants under age 45. MIB found that activity rose 6% for the older U.S. applicants but fell for younger applicants.

MIB also found that activity was weaker in Canada than in the United States.

Canadian insurers have generated more growth in application activity so far this year than U.S. insurers have, but the Canadian activity level fell 11% in November, MIB reports.

For the first 11 months of the year, the Canadian activity level is down 1.8% from the activity level for the comparable period in 2002. That compares with a 4.9% decline in U.S. activity over the same 10-month period.

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 the life application activity statistics.