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MIB: Life Activity Drops

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U.S. life insurers received fewer requests for individual coverage in December 2010 than they did in December 2009, but activity for older applicants continued to be strong.

The MIB Group Inc., Braintree, Mass., has published new life activity data in an analysis of U.S. life insurers’ use of MIB databases to check individually underwritten life applications.

Overall U.S. activity volume decreased 1.4%. Activity volume fell 3% for applicants ages 0 to 44 and 1.7% for applicants ages 45 to 59. Activity for applicants ages 60 and older rose 6.2%

The overall activity drop for 2010 was 1.2%, compared with a drop of 0.2% in 2009.

MIB President Lee Oliphant says in a statement that fourth-quarter activity was substantially stronger than third-quarter activity.

The modest decline for the full year “demonstrates resilience in the markets when compared to the past,” Oliphant says.

- Allison Bell