North American Life Insurance Activity Off 1.9% In November

Ruzanna Harutyunyan's picture
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North American application activity for individually underwritten life insurance was down -1.9% in November year-over-year, according to the MIB Life Index (SM). Year to date (YTD) U.S. and Canadian activity remained stable, off -1.9% versus the same eleven months last year. November's activity was off -0.9% as compared to October 2008 activity.

U.S. application activity was down -1.8% in November year-over-year, all ages combined. Application activity by age group showed ages 0-44 off -4.3%, ages 45-59 flat at +0.6%, and ages 60+ up a solid +6.2% year-over-year. Activity in the 60+ age group has increased steadily since March 2007. At November's close, YTD U.S. application activity was off -2.3% versus the same eleven months in 2007.

Canadian application activity was off -3.1% in November year-over-year, all ages combined. Activity by age group was flat or declining across the board: ages 0-44 off -4.5%, ages 45-59 flat at -0.5%, and ages 60+ was off -2.1% year-over-year. November's activity diminished YTD figures by a half percentage point, however Canadian application activity remains up +1.3% versus the same eleven months in 2007.

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Monthly Percent Change vs. 2007

U.S. / Canada / Total
November 2008 / -1.8% / -3.1% / -1.9%
October 2008 / -2.3% / +1.1% / -1.8%
YTD 2008 / -2.3% / +1.3% / -1.9%

Monthly Percent Change vs. Previous Month

U.S. / Canada / Total
November 2008 / -0.7% / -2.2% / -0.9%

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