Jury still out on whether COVID-19 will boost or damage life insurance market
April 15, 2020 by Insurance Forums Staff
Hearing some mixed messages about the COVID-19 pandemic’s impact on life insurance? You’re not alone.
The media will tell stories of life insurers saying how the COVID-19 pandemic has caused a huge surge in interest, but then you might hear reports about how the pandemic could be the industry’s downfall.
The latest report from the MIB Life Index shows the pandemic has interrupted a two-month growth trend in U.S. life insurance application activity. Applications were down -2.2% year over year in March, but more significantly, off -6.7% from that of February.
February’s month-to-month activity suggests pandemic related demand for life policies with application activity at its highest for a January/February period since 2015. For the Q1 March close, the MIB Life Index composite remained up 1.8% YTD, some -2.2% off from February’s 4.0% YTD close.
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