MIB Life Index

Year-Over-Year Growth in Canadian Life Insurance Activity for November Reports the MIB Life Index for Canada

Applicants age 50 and under drive growth

December 11, 2020

Canadian life insurance application activity was up +9.1% Year-Over-Year (YOY) in November, according to the Canadian MIB Life Index, continuing a general growth trend that started in June. Recent positive trends are offsetting double-digit negative patterns during April and May, bringing Year-to-Date (YTD) Canadian activity to -1.2%, which is nearly flat.

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YOY growth was driven by younger age groups with activity up 10%+ for applicants under age 51. In contrast to other age groups for YOY, figures for ages 71 and over declined at -5.7%. YTD, ages 0-30 was up +2.3% while ages 31-50 and 71+ were relatively flat (at -1.0% and -0.1% respectively) and other age groups declined (age 51-60 at -6.9% and 71-70 at -4.37%). Month-Over-Month, November grew 3.85% over October, with increased submissions experienced across all age groups.

November's YOY growth for ages 0-50 was driven by double-digit increases in submissions for policies of greater than $250,000. MOM, November saw growth over October of 20%+ for face amounts of $1M+. Specifically driving this were increases of over 30%+ for face amounts of $2.5M-$5M and $5M+.

Term submissions YTD for 2020 over 2019 remained relatively flat (-.02% vs 2019). Declines in Universal Life products (-45%) were offset by increases in Whole Life submissions (+11.4%) resulting in relatively flat YOY numbers of -2.58% for permanent products.

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