The MIB Life Index for Canada by Massachusetts-based MIB Group Inc, shows Canadian life insurance application activity was down 3.2 per cent, year-over-year in November 2022. On a year-to-date basis, activity through November 2022 was down 7.4 per cent when compared to the same period in 2021.
Month-over-month activity was brighter. November 2022 activity saw double-digit growth of 12.3 per cent compared to October 2022 activity.
Year-over-year, MIB reports growth in application activity for ages 61-70 and declines across all other age bands. On a year-to-date basis, ages 61-70 saw flat activity while all other age bands declined. By face amount, November saw double-digit year-over-year growth for amounts over $500,000 and declines for all other face amounts. Declines were in the double digits for amounts up to and including $250,000.
Where product types were submitted to MIB, universal life saw double digit year-over-year growth in November, whole life saw declining activity and term life saw double digit declines. On a year-to-date basis, universal life was up 26.6 per cent, term life was down 8.3 per cent and whole life activity was flat, declining 1.1 per cent.