Cannex U.S. Income Annuity Quote Volume Falls

A SPIA contract begins providing income within about a year after the contract is purchased.

A DIA contracts begins providing income 13 months or longer after the purchase date.

Cannex creates many streams of data on products, prices and transactions in the financial services markets in Canada and the United States.

The company's annual income annuity experience report reflects quote requests, not sales. But Tamiko Boland, director of retirement markets at Cannex, said in an email that quote request volume has a strong correlation with sales volume, and that the drop in 2020 quote volume appears to reflect a real drop in sales activity, not a change in how clients are using the company's income annuity quote data.

Data Slices

Cannex found that 2020 income annuity quote volume for men fell a little more than quote volume for women.

The number of quote requests fell 25% for women, to 277,466, and 28% for men, to 392,108.

The variations in quote volume trends broken down by age were bigger than the variations broken down by gender.

The number of quote requests fell 23% for annuitants ages 55 to almost age 60; 26% for annuitants ages 60 to almost age 65; and 30% for annuitants ages 65 to almost age 70.

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