Insurers Boost California Economy By $27.3 Billion

California has a $1.6 trillion economy that ranks it as a global financial power, thanks in part to a multi-billion dollar boost from the insurance industry, according to a new report by the Insurance Information Network of California.

In 2004, insurers contributed $27.3 billion to California’s gross state product and accounted for 300,000 jobs in the state, IINC said. The report also indicated:

• Property/casualty insurers provide approximately 300,000 jobs in California, accounting for $21 billion in compensation.

• In 2005, property/casualty insurance claims payments totaled $28.8 billion in California.

• California collected $2.2 billion in premium taxes in 2005, nearly 15 percent of the national total.

• Nationally, the insurance industry contributed $270 billion to the $11.7 trillion gross domestic product in 2004.

“From auto insurance to homeowner insurance to business insurance, insurers provide millions of Californians with a blanket of security underwriting risks and contributing to the state’s economic engine,” IINC said.

To view a copy of the report, visit www.iinc.org.

Topics California Carriers