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CONTRIBUTION TO THE NATIONAL ECONOMY |
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The insurance industry is a major source of tax revenue on the state and federal level. In 2007 property/casualty insurers and life insurers incurred federal and foreign taxes approaching $40 billion dollar. In addition, all insurance companies pay a state tax based on their premiums. Insurance companies, including life/health and property/casualty companies, paid $15.3 billion in premium taxes to the 50 states in 2007. On a per capita basis, this works out to $51 for every person living in the United States.
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INSURANCE INDUSTRY'S FEDERAL AND FOREIGN INCOME TAXES, 2003-2007
($ billions)
Year |
Property/casualty |
Life |
Total |
| 2003 | $10.76 | $7.89 | $18.65 |
| 2004 | 14.59 | 10.00 | 24.59 |
| 2005 | 10.73 | 8.66 | 19.39 |
| 2006 | 22.51 | 11.25 | 33.76 |
| 2007 | 19.94 | 11.80 | 31.74 |
| Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC. |
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