Massachusetts-based, MIB Group, Inc. published its most recent figures on life insurance application activity in the United States showing a relatively flat quarter, year over year, and some growth in September year-over year.
Compared to September 2019 results, however – MIB makes the comparison to remove COVID-19-related fluctuations in activity – September activity is up 13.7 per cent year-over-year and is 9.2 per cent higher, year-to-date.
U.S. life insurance application activity overall finished the third quarter of 2021 flat at just one per cent growth when compared to the third quarter of 2020. Year-over-year September 2021 activity is up 3.7 per cent compared to September 2020. Year-to-date application activity was up 5.1 per cent at the end of September. In examining year-over-year growth in September, they add that application activity among those aged 31 to 50 and those over age 71 grew while other age groups remained flat.
“It is interesting to note the continuing shift in growth trends across age bands,” MIB researchers write. “During 2020 with the onset of the COVID-19 quarantines, activity among the 71+ age group began to decline, while activity among the younger age set grew. This trend reversed in Q2-2021 with the older age bands leading in growth.”
By product type, they add that September 2021 saw flat activity in term life applications year-over-year, universal life grew 4.4 per cent and whole life application activity grew 6.8 per cent.