Arizona Insurance Industry Contributes $1.2 Trillion in Assets to State

The more than 940 property/casualty insurers in Arizona that compete for business add more than $1.2 trillion in assets to the state, that enables Arizonans to drive cars, own homes, protect their property and operate businesses, according to the state’s recently released 2008 Annual Report. P/C premiums written in 2008 amounted to $8.2 billion, compared with $8.5 billion in 2008 and $8.3 billion in 2006.

According to the most recent data, the DOI said the P/C insurance industry provides more than 37,000 jobs in the state, including direct writer employees and agents, independent agents and brokers and claims personnel. More than $350 million in payroll income flows into the state and local economies.

Based on that work, $181.5 million in property casualty premium tax receipts goes toward the state’s general revenue fund, and that includes taxes that support the retirement systems of state fire and police personnel. In fiscal year 2008-2009, a $1 fee on auto insurance premiums generated $5.1 million that supports the Arizona Automobile Theft Authority (AATA), as well.

“Property and casualty insurers have a positive impact in the daily lives of Arizona’s citizens,” the Arizona Insurance Council said. Not only does it protect people’s livelihoods and businesses from economic losses, it also has a significant impact on the state’s economy, the association said.

Source: AIC, DOI

Topics Market Property Casualty Arizona