by John Darer CLU ChFC MSSC CeFT RSP CLTC
The Structured Settlement Industry got off to a great start in Q1 2023, with substantial increases over Q1 2022. The structured settlement industry saw its second straight quarter with in excess of $2B in production.
- The structured settlement industry placed $2,069,165,084 of premium in Q1 2023.
Structured settlement industry case count totaled 7,180 in Q1 2023.
- This represents an increase of $904,770,552 or +77.7% Q1 YOY and the second straight quarter with industry production in excess of $2B.
Average structured settlement premium per case was $288,185 in Q1 2023.
- This represents an increase of 2,572 cases or +55.8% Q1 YOY
- This represents an increase of $35,495 per case or +14% Q1 YOY Source: Matthew Ross
MetLife was the leading company in terms of Q1 2023 production with $584,900,000. MetLife structured settlement underwriting companies are Mettropolitan Tower Life Insurance Company and Metropolitan Life Insurance Company. The former is the primary underwriting company and the latter is the MetLife underwriting company that has been in business since the 19th Century, having been founded in 1868.
Pacific Life was the second leading structured settlement annuity issuing life insurance company, not far behind behind MetLife, with $513,699,241 Together MetLife and Pacific Life made up more than 50% of the undustry's Q1 2023 production, combining for more than $1B in production between them in Q1. Pacific Life writing companies include Pacific Life Insurance Company in all states except New York and Pacific Life and Annuity Company for all structured settlement cases with a nexus to New York (e.g. venue, parties).
In third place in terms of production was USAA LIfe, which exploded in growth, leaning into its sweet spot on long term structured settlement payouts with $357,000,000
In fourth was New York Life Insurance Company, with $222,229,672, founded in 1845.
IStructure, the first and only uncapped index linked structured settlement annuity issued by Independent Life Insurance Company (the only structured settlement annuity issuer that issues structured settlement annuities as its sole product line), is running at about 60% of Independent Life Insurance company sales according to company sources this author spoke with. Independent did $130,313,000 in Q1
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