MIB Group has published its Canadian insurance application activity figures, the monthly MIB Life Index, showing the number of life insurance applications completed in March 2024 when compared to March 2023, was flat at 0.4 per cent. Full quarter activity, however, was up five per cent, year-to-date. More, activity in the first quarter of 2024 was up 8.5 per cent when compared to the previous quarter. They say this is the second highest quarter-over-quarter growth rate recorded since the fourth quarter of 2016.

When looking solely at submissions identified as life insurance products – approximately 33 per cent of the total Life Index volume did not include a product type, these are assumed to be life insurance applications, and have been included as such in the composite index – Canadian life insurance application activity grew by 3.6 per cent year-over-year in March 2024 and ended the first quarter up 7.5 per cent, year-to-date.

Triple-digit growth 

Looking at March 2024, applications were concentrated in the 71+ and 61 to 70 age bands. “71+ saw triple-digit growth year-over-year and ages 61 to 70 saw double-digit growth, while all other age bands saw declines,” they write. “Additionally, Q1-2024 saw growth across all age groups compared with Q4-2023, with double digit growth for ages 61+.” 

For March 2024, universal life application activity grew 49.3 per cent, “continuing a pattern of double-digit growth seen since May of 2023,” they write. Whole life activity was flat, declining 0.6 per cent, while term life applications declined 12.1 per cent. They say when comparing the first quarter of 2024 to the first quarter of 2023, universal life application activity grew 55.6 per cent, whole life applications grew 3.7 per cent and term life applications declined 10.6 per cent.