U.S. application activity for individually underwritten life insurance declined 1.9 percent in August, a new report shows.
MIB Group Inc. discloses this finding in its latest release of the MIB Life Index, a key measure of application activity for individually underwritten life insurance policies in the U.S. The index is based on the number of searches carried out by MIB life member company underwriters on the MIB Checking Service database.
August numbers were bolstered slightly by insurance applications gathered in one fewer business day (22) than the August 2012 comparative period (23). After declining in seven of the past eight months, the MIB Life Index is down -2.3 percent year-to-date.
August application activity rose +1.5 percent from that of July; seasonal monthly growth for this period that may hint at stronger fourth quarter trends. Fourth quarter 2011 to first quarter 2012 growth has given way to a slowdown in application activity for 2013.