The latest report on Canadian insurance application activity published by Massachusetts-based MIB Group, shows the industry off to a strong start, as application activity grew 10 per cent year-over-year in January 2024. They say this continues a growth pattern which began back in May 2023. On a month-over-month basis, January activity jumped 19.8 per cent over activity reported in December 2023.
Year-over-year growth for all age bands
“January 2024 saw year-over-year growth for all age bands, in the double digits for ages 61-70 and triple digits for ages 71+,” they write. “Activity for ages 71+ makes up about five per cent of the total application activity for Canada. As such a relatively small change in total applications for this age band can drive a reasonably large year-over-year percentage change.”
They add that double digit year-over-year growth was reported for amounts up to and including $250,000. Application activity for amounts between $1-million and $2.5-million was flat, while applications for all other face amounts declined during the month.
They say when examining patterns by product type, “universal life (application activity) saw double digit growth year-over-year in January 2024, whole life saw growth and term life saw double digit declines.”