Canadian life insurance application activity soared to double-digit growth in July 2023 with Year-over-Year (YOY) activity up +14.6% compared to July 2022. Year-to-Date (YTD) growth was also strong with activity through July 2023 up +4.7% compared to July 2022. On a Month-Over-Month (MOM) basis, July 2023 activity saw a double-digit decline of -10.5% compared to June 2023, however this was in line with similar MOM patterns seen in July of 2022 and 2021.

July saw Year-Over-Year (YOY) growth for all age bands, in the double digits for ages 0-70, and in the triple digits for age 71+. Activity for ages 0-30 was up +11.1%, ages 31-50 up +11.6%, ages 51-60 up +10.8%, ages 61-70 up +26.5%, and ages 71+ up +102.2%. On a YTD basis, all age bands saw growth, in the double digits for ages 71+.

July saw YOY growth for all face amount bands, in double digits for amounts up to and including $250K as well as amounts over $1M. On a YTD basis, amounts up to and including $500K showed flat activity, while all other face amounts showed growth, in the double digits for amounts over $1M.

When including age bands, ages 0-30 saw YOY declines for amounts over $500K up to and including $2.5M, and growth for all other face amounts, in the double digits for amounts up to and including $250K as well as for amounts over $2.5M. Ages 31-50 saw YOY growth for all face amounts, in the double digits for amounts over $500K. Ages 51-60 saw double-digits declines for amounts over $500K up to and including $1M and growth for all other face amounts, in the double digits for amounts up to and including $250K as well as for amounts over $1M. Age 61-70 saw double-digit declines for amounts over $250K up to and including $500K and growth for all other face amounts, in the double digits for amounts up to and including $250K as well as for amounts over $1M. Ages 71+ saw growth for amounts up to and including $2.5M, in the triple digits for amounts up to and including $250K, and in double digits for amounts over $250K up to and including $1M. Amounts over $2.5M showed declines, in the double digits for amounts over $2.5 up to and including $5M.

When examining activity patterns where a product type was submitted to MIB, Universal Life and Whole Life saw double-digit YOY growth in July, and Term Life saw double-digit declines. When including age bands, Universal Life saw YOY growth for all ages bands, in the double digits for ages 31-60, and in the triple digits for age 61+. Whole Life saw YOY growth for ages 0-70, in the double digits for ages 0-50, and declines for ages 71+. Term Life showed YOY double-digits declines for ages 0-70 and double-digit growth for ages 71+.

About 35% of total Life Index volume for Canada in July 2023 did not include a product type. We believe the vast majority of these submissions are for Life Insurance applications and have included them in the composite analysis presented in this report. Missing product type information can have a significant impact on the Canadian analysis. Growth varies when looking solely at submissions identified as Life Insurance products, with activity for Canada up +6.6% YOY in July 2023 and down -5.0% YTD.