Providing insights into trends in life insurance application activity.
The MIB Life Index report, issued monthly, provides insights into trends in application activity for individually underwritten life insurance.
Application activity for these reports is based on inquires to the MIB Checking Service℠ performed by member company underwriters. Since the MIB Checking Service is used to underwrite the vast majority of individually underwritten life insurance policies in the US and Canada (estimated as high as 90 percent), MIB has a unique ability to estimate application activity and provide the industry with insights into trends over time.
The MIB Life Index examines activity levels by age group, product type and face amount, and provides quarterly, monthly, and year-to-date comparisons. Reports are produced separately for both U.S. and Canadian activity.
As of the January 2021 report (published in February 2021) we began reporting on industry activity using straight period over period percent changes (YTD, YOY, MOM and QOQ) based on calendar days. All historic data presented in our 2021 reports has been restated to reflect this current methodology.
The Life Index starts with all inquiries into the MIB Checking Service, including all facultatively underwritten life reinsurance activity. All inquiries from disability income, critical illness and long-term care insurance are removed from the source data. Guaranteed issue and other non-underwritten individual and group life insurance are not reflected because MIB Checking Service is not used for those market segments. Percent changes are then calculated using the average number of MIB inquiries per day for a given period.
Historical reports archived on our website reflect the methodology in place at the time of publication. As such, the annual 2020 report, and all other reports published prior, include percent changes based on a time-set benchmark with percentages based on business days.
From January 2017 through year-end 2020 reports, the benchmark comparison (basis=100) for the MIB Life Index was January 2011. Prior to that, the benchmark comparison was January 2001.
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As a supplement to the 2023 MIB Life Index Annual Report, MIB is excited to provide this video with additional analysis and insights on long term trends observed as of the close of 2023.