Month-over-month and year-over-year, the Canadian industry’s application activity set records during the month of January 2025, according to MIB Group Inc.
Year-over-year in January 2025, Canadian life insurance application activity grew 7.3 per cent. “Missing product type information can have an impact on the Canadian analysis,” however, they warn. “Growth varies when looking solely at submissions identified as life insurance products, with activity up 8.3 per cent year-over-year in Canada in January 2025.” They add that this is the highest total volume of activity for any January on record with the firm in this country.
On a month-over-month basis activity grew 17.9 per cent when compared to December’s figures. This is consistent with historical trends where January application activity is higher than numbers reported in December.
Best month ever for universal life
Year-over-year, MIB Group reports that application activity grew across all face amounts and for all age bands. Without getting into specifics, they note that Canada had more universal life applications reported to MIB in January 2025 compared to any other months on record.
Term life, meanwhile, saw year-over-year growth for all age bands, in the double digits for ages zero to 30 and ages 61 to 70, and in the triple digits for among those over age 71 applying for insurance. Whole life saw year-over-year growth for ages zero to 60, flat activity among those between 61 and 70 and declines among clients over age 71.
