Massachusetts-based MIB Group Inc. released its Canadian MIB Life Index figures showing that Canadian life insurance application activity increased 3.3 per cent, year-over-year in August, compared to August 2021, reversing a pattern of year-over-year declines that began in July 2021.
Year-to-date application activity through August 2022 remains down 9.3 per cent when compared to 2021 application activity. Month-over-month, however, activity saw a 17.1 per cent jump when compared to July 2022.
MIB says it saw flat year-over-year activity for ages 31-50 and growth across all other age bands. Applications for those up to age 30 grew the most at 6.9 per cent.
By face amount, they say August saw year-over-year declines for amounts up to and including $250,000 and growth for all other face amounts, in the double digits for face amounts over $500,000.
“All product types saw increased activity in August, the majority of growth was seen for universal life,” they write. “When examining activity patterns where a product type was submitted to MIB, universal life was up 56.1 per cent, year-over-year, whole life was up 9.1 per cent and term life was flat at 1.3 per cent.” The group adds that about 29 per cent of the total life index volume for Canada in August did not include a product type.
