I work in the insurance industry also, it has nothing to do with having actual wrecks, but all to do with insurance fraud. There is supposed to be a correllation with those who file fraudelent claims to those with bad credit scores. To me, it’s the case of a few spoiled apples that mess up the whole bunch.
Financial institutions do the same by running a credit check for potential employees. Their thinking is that if their credit score is low or are in a lot of debt, then they are more likely to attempt fraud or steal.
Of course we know that’s not entirely true, but that’s the way it’s been.