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NAIC Releases Report on Credit Insurance

Credit Insurance Report

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.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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