From Staff Reports
U.S. life insurance application activity slowed down in March, largely because young people did not buy.
Overall activity fell 4.9% year over year, according to the MIB Life Index. The severity of the decline is largely attributable to the March 2018 comparative period being so good — up 6.7%, MIB explained.
For the first quarter 2019, the MIB Life Index is off 1% versus Q1 2018.
“Once again, the shift has been away from younger age buyers, with the life insurance application activity in age 60+ predominating, despite its percent change decline from January highs,” MIB said.
Younger age activity accounts for 53% of the total Life Index, speaking to first quarter declines. March activity for the composite Index was up slightly (0.8%) from that of February.
In the age groups, March year-over-year application activity is as follows: ages 0-44, down 9.1%; ages 45-59, down 4.5%; and ages 60+ up 7.6%. At the end of Q1 2019, activity ages 0-44 was down 6.1%; ages 45-59 was up 0.5%; and ages 60+ was up 12.6%.
“Application activity ages 60+ are showing their first double-digit quarterly growth in nearly a decade,” MIB reported.
Owned by members, MIB Group provides life and health insurance companies with data-driven risk management services, as well as other data services to support the industry.