Insurers Boost Calif. Economy By $30.1 Billion

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, according to a new report.

In 2007, insurers contributed $30.1 billion to California’s gross state product, accounting for about 2 percent of the state’s GSP. This compares to the $28.2 billion insurers contributed to the state’s economy in 2006, according to data from last year’s report.

The California insurance report, written by the Insurance Information Institute and available on the Insurance Information Network of California Web site, found that:

“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,” said IINC Executive Director Candysse Miller.