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Structured Settlement Annuity Revenue Rises To $3 Billion

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NU Online News Service, Aug. 14, 2003, 12:37 p.m. EDT – The life insurance company members of the National Structured Settlements Trade Association, Washington, collected about $3 billion in premium revenue during the first half for annuities used in personal injury settlements, up from $2.9 billion during the first half of 2002.

The association based the statistics on information from its 18 member companies.

Second-half production figures typically exceed first-half figures, according to the association.

Defendants in lawsuits and their insurers use structured settlement annuities to provide long-lasting, tax-free income streams for injury victims and their families. Lawyers developed structured settlements in response to reports that many victims and families had problems managing lump-sum settlement payments.