Insurers contributed $30.1 billion to California’s gross state product in 2007, accounting for about 2 percent of the state’s gross domestic product, according to a new report written by the Insurance Information Institute.

California has a $1.85 trillion economy that ranks it as a global financial power, thanks in part to a multi-billion dollar boost from the property/casualty insurance industry, the report states. It noted:

• Property and casualty insurers provide approximately 300,000 jobs in California, accounting for $21 billion in compensation.
• In 2008, property and casualty insurance claims payments totaled $32.8 billion in California.
• California collected $2.17 billion in premium taxes in 2008, nearly 15 percent of the national total.
• Nationally, the property/casualty insurance industry contributed $333 billion to the $14.2 trillion gross domestic product in 2007.

To view the full report, visit www.iii.org.

Topics California Property Casualty