NEW YORK (Aug. 5, 2019) — The National Association of Insurance Commissioners (NAIC) has released an experience report on detailing the credit insurance market in the U.S. 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% of their market.
- The top 10 companies writing credit accident & health insurance made up 93.98% 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 & health insurance in 2018 was more than $770 million.
- Direct losses incurred from both credit life and credit accident & health insurance have decreased every year since 2009.
- Nationally, loss ratios have decreased 25% 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.