by John Darer CLU ChFC CSSC RSP
Structured settlement annuity sales (in the primary market) reached $1.5B for Q2 2010 according to the Life Insurance Market Research Association (LIMRA) U.S. Individual Annuities Second Quarter 2010 Sales Report, which represents 96 percent of the market and was released August 13, 2010.
At $1.5B per quarter the settlement industry would be humming at a clip that is consistent with the "spiritual" industry benchmark of $6B. The industry has been sending mixed messages. On the one hand some producers complain that business is down and it's a dying industry. Calls for its demise are premature. Prudential Insurance Company of America, in business since the 19th Century, just announced to its field force that Q2 2010 was its best structured settlement annuity sales quarter EVER.
We have noticed a marked increase in business volume in the last 60 days and have heard similar stories from industry brethren.