U.S. Life Insurance Activity Moderates in the Second Half of 2016 Reports the MIB Life Index
Erosion in younger age applications during the year resulted in the 0-44 and age 60+ demographic groups closing 2016 with equivalent growth rates. Looking across the year, every age group posted significant Q1 2016/2015 increases: ages 0-44 lost ground in the final two quarters, ages 45-59 lost ground in the remaining three quarters and ages 60+ stayed positive across all four quarters. Application activity by age group showed ages 0-44 up +0.8% in December, down -1.5% in Q4 and finished up +1.8% YTD. Ages 45-59 were down -1.3% in December, down -1.8% in Q4 and finished flat -0.1% YTD. Ages 60+ were up +1.5% in December, up +0.9% in Q4 and finished up +1.8% YTD. See the MIB Life Index Annual Report for a complete analysis of 2016.
"Over the past few years we've seen the industry achieve solid growth in reaching younger age applicants, reflecting on-going investments in marketing and product strategies that target this demographic," said
Download the 2016 MIB Life Index Annual Report at no charge by registering at the Enhanced Life Index Portal: www.mibsolutions.com/regLI. Watch the MIB Life Index "At the Half" video by visiting: http://wi.st/2agvX62. Our "2016 Year-in-Review" video is anticipated in February.
Monthly Percent Change |
|
Composite Index |
|
(year-over-year) |
|
Dec-16 |
0.3% |
Nov-16 |
-3.3% |
Oct-16 |
-0.9% |
Sep-16 |
-2.3% |
Aug-16 |
-1.3% |
Jul-16 |
2.0% |
Jun-16 |
1.1% |
YTD - 2016 |
1.3% |
Q4-2016 |
-1.2% |
Q3-2016 |
-0.6% |
Q2-2016 |
1.5% |
Q1-2016 |
5.4% |
% Change Age Groups |
0-44 |
45-59 |
60+ |
|
YTD |
1.8% |
-0.1% |
1.8% |
|
Dec-16 |
0.8% |
-1.3% |
1.5% |
|
Nov-16 |
-4.0% |
-3.3% |
-0.9% |
|
Oct-16 |
-1.6% |
-1.2% |
1.7% |
|
Sep-16 |
-2.6% |
-2.8% |
-0.7% |
|
Aug-16 |
-0.9% |
-3.2% |
0.3% |
|
Jul-16 |
2.6% |
0.4% |
2.7% |
|
Jun-16 |
1.6% |
-0.6% |
2.3% |
|
|
|
vs. Prior Month |
|
Dec. |
-4.7% |
Note: Effective
About the MIB Life Index
The MIB Life Index is the life insurance industry's timeliest measure of application activity in
About MIB
MIB is the life and health insurance industry's most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB services help to detect fraud, errors and omissions on insurance applications; to analyze industry data needed to manage a variety of financial risks; and to make regulatory reporting compliance less onerous and more efficient. As the life insurance industry's first statistical agent, our
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