New data from Massachusetts-based MIB Group, published in the company’s monthly MIB Life Index, shows that Canadian life insurance application activity finished the first half of 2025 up 5.8 per cent, year-to-date. June 2025 saw year-over-year growth of 9.2 per cent, the 10th consecutive month of year-over-year growth, they write.
The numbers are even higher when figures are adjusted to reflect only applications which included a product type – about 31 per cent of the total volume for Canada in the second quarter of 2025 did not include a product type – with Canada up 16.6 per cent in June, year-over-year. Year-to-date activity was up 8.5 per cent. Comparing the second quarter of 2025 to the same period in 2024, application activity was up 9.7 per cent.
Month-over-month activity was more subdued, however, declining 5.6 per cent when compared to May 2025 figures.
“Based on data reported to MIB by our members, June 2025 saw year-over-year double digit growth for all face amounts,” MIB states. “When comparing Q2-2025 to Q2-2024, all face amounts saw growth, in the double digits for amounts over $500,000, up to and including $5-million.” Year-to-date, they add that amounts over $500,000, up to and including $2.5-million grew in the double digits while amounts over $2.5-million, up to and including $5-million recorded triple digit growth in application activity.
Where a product type was submitted to MIB, year-over-year in June, whole life application activity rose 9.8 per cent, term life jumped 16.7 per cent and universal life jumped 25.6 per cent.
