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
Was this article valuable?
Here are more articles you may enjoy.
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
Business Interruption Claims Arising From the Middle East Conflict 
‘The Arms Race Is On’: Chubb’s Greenberg on Mythos, Middle East 
