The National Association of Insurance Commissioners (“NAIC”) has released an experience report detailing the credit insurance market in the United States. The Credit Life Insurance and Credit Accident & Health Insurance Experience report contains market data by state and nationally. Credit insurance is designed to pay off debt in the event of a death, disability, and in some cases, unemployment.
Highlights from the report include:
- The top 10 companies writing credit life insurance made up 88.13 percent of their market.
- The top 10 companies writing credit accident and health insurance made up 93.98 percent of that market.
- Total net written premium for credit life insurance in 2018 was more than $635 million.
- Total net written premium for credit accident and health insurance in 2018 was more than $770 million.
- Direct losses incurred from both credit life and credit accident and health insurance have decreased every year since 2009.
- Nationally, loss ratios have decreased 25 percent since 2009.
Data for the Credit Life Insurance and Credit Accident & Health Insurance Experience report was obtained from Part 1B—Credit Life Insurance and Part 2D—Credit Accident and Health Insurance of the Credit Insurance Experience Exhibit filed by insurers with the NAIC.
Learn more: www.naic.org.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].