Property/casualty insurance premiums written in Arizona have declined in 2009 to $7.6 billion, down from $8.1 billion in 2008, according to a recent economic impact report.
According to the Arizona Insurance Council, which compiled information from various sources including the Department of Insurance 2009 Annual Report, property/casualty premium tax receipts generated $165.5 million, which goes to the general fund and revenues that support the retirement systems of Arizona’s fire and police personnel. According to the AIC, a 2 percent tax on $7.6 billion in P/C premiums written results in $13.5 million tax on fire premiums being disbursed to the state’s fire districts pension program, plus an additional $16.7 million auto premium tax being disbursed to the state’s Public Safety retirement system. In addition, a $1 fee on auto insurance premiums in fiscal year 2009-2010 generated $5.1 million to support the AZ Automobile Theft Authority.
The state recorded $4.6 billion in P/C claims losses incurred, down from $5 billion in 2008 and $4.8 billion in 2007.
To date, more than 953 P/C insurers compete for business in Arizona. P/C insurers invested $9.4 billion of assets in state municipal bonds in 2009, supporting a variety of public projects including airport, street, highway and water utility construction, as well as education-related bonds, the AIC said.
There are more than 41,000 insurance professionals working in Arizona, including direct writer employees and agents, independent agents and brokers, and claims personnel.
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