c MIB Group - Canadian Report - November 2020
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

Braintree, MA. (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.
Life Index Chart
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.
Life Index Chart








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.

To view the U.S. report report, visit us at: https://mibgroup.com/riskanalytics/us_reports.html.

 


Monthly Percent Change
Composite Index
(year-over-year)

Nov-20 9.1%
Oct-20 3.4%
Sep-20 9.5%
Aug-20 -1.1%
Jul-20 4.4%
Jun-20 6.2%
May-20 -17.7%
Apr-20 -18.1%
Mar-20 -1.5%
Feb-20 -0.3%
Jan-20 -4.1%
   
YTD - 2020
Annual - 2019
-1.2%
-0.6%
   
Q3 - 2020 -2.9%
Q2 - 2020 -6.3%
Q1 - 2020 -1.9%
Q4 - 2019 -0.6%
Q3 - 2019 1.5%
% Change
Age Groups
(year-over-year)




0-30



31-50



51-60



61-70



71+
Nov - 20
11.7%
10.5%
3.4%
6.3%
-5.7%
Oct - 20
7.1%
4.7%
-2.9%
-3.6%
-1.8%
Sep - 20
13.3%
11.3%
-0.3%
3.7%
8.1%
Aug - 20
4.3%
-1.3%
-6.5%
-8.6%
-3.6%
Jul - 20
15.5%
3.2%
-8.3%
-1.1%
4.7%
Jun - 20
13.5%
3.7%
1.5%
5.4%
7.4%
May - 20
-13.5%
-18.6%
-22.3%
-19.6%
-12.0%
Apr - 20
-21.7%
-15.5%
-19.5%
-18.9%
-15.1%
Mar - 20
0.7%
0.9%
-9.4%
-8.9%
2.1%
Feb - 20
3.2%
-2.1%
-1.6%
-0.4%
8.7%
Jan - 20
-3.5%
-4.7%
-6.8%
0.6%
8.5%
 
 
 
 
 
 
YTD 2020
2.3%
-1.0%
-6.9%
-4.4%
-0.1%
   

U.S. Monthly Percent
Change
vs Prior Month


November

3.9%
 

 



Monthly Percent Change
Composite Index
(year-over-year)

Nov-20 9.1%
Oct-20 3.4%
Sep-20 9.5%
Aug-20 -1.1%
Jul-20 4.4%
Jun-20 6.2%
May-20 -17.7%
Apr-20 -18.1%
Mar-20 -1.5%
Feb-20 -0.3%
Jan-20 -4.1%
   
YTD - 2020
-1.2%
Annual - 2019
-0.6%
   
Q3-2020
-2.9%
Q2-2020
-6.3%
Q1-2020
-1.9%
Q4-2019
-0.6%
Q3-2019
1.5%



U.S. Monthly Percent
Change
vs Prior Month


November

3.9%


% Change
Age Groups
(year-over-year)




0-44



45-59



60+
Nov - 20
11.7%
10.5%
3.4%
6.3%
-5.7%
Oct - 20
7.1%
4.7%
-2.9%
-3.6%
-1.8%
Sep - 20
13.3%
11.3%
-0.3%
3.7%
8.1%
Aug - 20
-4.3%
1.3%
-6.5%
-8.6%
-3.6%
Jul - 20
15.5%
3.2%
-8.3%
-1.1%
4.7%
Jun - 20
13.5%
3.7%
1.5%
5.4%
7.4%
May - 20
-13.5%
-18.6%
-22.3%
-19.6%
-12.0%
Apr - 20
-21.7%
-15.5%
-19.5%
-18.9%
-15.1%
Mar - 20
0.7%
0.9%
-9.4%
-8.9%
2.1%
Feb - 20
3.2%
-2.1%
-1.6
-0.4%
8.7%
Jan - 20
-3.5%
-4.7%
-6.8%
0.6%
8.5%
 
 
 
 
 
 
YTD 2020
2.3%
-1.0%
-6.9%
-4.4%
-0.1%




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