NU Online News Service, July 29, 1:10 p.m. – Life insurance members of the National Structured Settlements Trade Association, Washington, wrote annuities with a value of $2.9 billion to settle physical injury claims during the first six months of the year, down 5% from the value of the annuities written during the first half of 2001.
But production is still much higher than it was during the first half of 1999 and 2000, according to Terry Taylor, president of the NSSTA and president of Plaintiff Structures, Austin, Texas.
The latest first-half figure, which the association released today, is only about $1 billion less than the industry’s entire 1999 production, Taylor notes.
Structured settlements provide long- term income for injury victims and their families as part of physical injury settlements.
The NSSTA represents about 500 structured settlement providers. It bases its annuity production figures on information released by more than 20 life insurers that participate in the structured settlement market.