Report: Insurers Boost Calif. Economy by $28.2B

March 19, 2009

California has a $1.7 trillion economy that ranks it as a global financial power, and the insurance industry aids in this effort, says a new industry report.

In 2006, insurers contributed $28.2 billion to California’s gross state product and accounted for nearly 300,000 jobs in the state.

The report, written by the Insurance Information Institute, found that:

— Property and casualty insurers provide approximately 300,000 jobs in California, accounting for $21.4 billion in compensation.

— In 2007, property and casualty insurance claims payments totaled $30.7 billion in California.

— California collected $2.2 billion in premium taxes in 2007, nearly 15 percent of the national total.

— Nationally, the insurance industry contributed $281 billion to the $13.1 trillion gross domestic product in 2006.

“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,” the report says.

To view a copy of this report, visit: http://www.iinc.org/attachments/CaliforniaFactBook2009.pdf.

Source: Insurance Information Network of California

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