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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