Insurance Newsletter Issue 4 – Exploring Shifts in Life Insurance Trends: Declining Applications for 50+, Climate Change Impact, and Long-Term Mortality Analysis

Insurance Newsletter – Issue 4

Exploring Shifts in Life Insurance Trends: Declining Applications for 50+, Climate Change Impact, and Long-Term Mortality Analysis

In this month's issue, we look at the recent decline in life insurance applications for people 50+, the impact of climate change on Life insurers, and long-term mortality trends.


Impact of Climate Change on Life Insurers – A decade ago, I became convinced that the change in the world’s climate represented an intermediate and long-term risk for those in economically developed countries. Recently, I have become just as convinced that it is now a current risk. This article aims to describe some of the critical elements of climate change that will affect the operation of life insurance companies.

Released in September 2023:
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Life Insurance Application Activity in Sharp Decline Among 50+ Ages – The latest life insurance application data shows a sharp decline among a demographic that should be a reliable source of sales: Americans ages 50+. Overall, life insurance application activity finished the third quarter up 2.8% compared to the year-ago period, reported MIB Group, a membership-supported nonprofit organization. MIB data shows life insurance sales are full of good news and bad news. Application activity is up 5.1% compared to pre-COVID numbers from Q3 2019. However, September 2023 activity was down 2.6% compared to September 2022 and activity during Q3 2022 finished flat at -0.4% compared to activity during Q3 2022, MIB reported.

Released October 17th, 2023:
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John Hancock to Sell Life Insurance Product Through Worksites – John Hancock is introducing a worksite life insurance product that includes optional long-term care benefits, and it has enlisted golf legend Jack Nicklaus in an effort to attract distributors’ attention. The Boston-based unit of Manulife Financial announced Monday that it will be aiming a new Premier Benefit Indexed Universal Life product at the voluntary benefit market. The product is an individual life insurance product, but it will be presented to consumers through their employers’ benefits programs.

Released September 26th, 2023:
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Long-Term Mortality Trends: Challenges for Life Insurers – A steady decline in mortality rates since the 19th century has brought about a long-term rise in life expectancy for both men and women, but progress is uneven and, as recent history tells us, uncertain. The forecasts that underpin the life segment’s mortality and longevity lines of business combine both historic trends analysis with a forward-looking view of advances in medicine and technological innovation. Those trends are in addition to other societal factors and changes that may precipitate “waves” of improvement in life expectancy. After years of mortality improvements, a slowing of life expectancy gains resulting from the COVID-19 pandemic has triggered uncertainty for life insurers and annuity providers.

Released October 16th, 2023:
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Missed our webinar on risk scores? Click on the video below to watch industry leaders like Angela Bolduc, Principal and Managing Director at Milliman, and Ben Blakeslee, AVP & Actuary at Munich Re, discuss the efficacy and usability of mortality risk scores in life underwriting.

Click the video below to watch a webinar with thought leaders like Brian Lanzranth, Director of Analytics at ExamOne, and  Jacqueline Moss, VP of Underwriting Research and Development at RGA, who share insights on how AI and new data sources will affect life underwriting.


Learn more about Sikka and how our Oral Healthcare data can help with mortality risk – email