New monthly research from Massachusetts-based, MIB Group, Inc. shows that Canadian life insurance application activity declines were in the double digits in October 2021, year-over-year, while year-to-date activity remained flat.
Year-over-year the number of Canadian life insurance applications completed and reported to the research group declined 12.5 per cent in October 2021 when compared to October 2020 numbers. MIB notes this is the fourth consecutive month of year-over-year declines.
Year-to-date activity was flat, declining 0.6 per cent, while month-over-month figures declined slightly more, with application activity dropping 1.9 per cent, relative to September 2021 application activity.
The year-over-year declines occurred across all age bands, with all age groups over age 31 showing double-digit declines.
Breaking the numbers down by face amounts, MIB says there were year-over-year declines in application activity for face amounts up to and including $500,000, flat activity for face amounts over that amount, up to and including $1-million, and growth in application activity for face amounts over $1-million. Where product types were submitted to MIB, the research group says the data suggests there was a double-digit decline in application activity for term and universal life policies, reversing a growth trend for universal life that had been observed in all previous months of 2021.