Taxes

The insurance industry is a major source of tax revenue on the state and federal level. In 2012 property/casualty insurers and life insurers incurred federal and foreign taxes were about $16 billion dollars. Insurance companies, including life/health and property/casualty companies, paid $16.7 billion in premium taxes to the 50 states in 2012. On a per capita basis, this works out to $53 for every person living in the United States.

INSURANCE INDUSTRY'S FEDERAL AND FOREIGN INCOME TAXES INCURRED, 2008-2012

($ billions)

Year Property/casualty Life Total (1)
2008 $7.7 -$0.1 $7.7
2009 8.5 10.7 19.1
2010 9.0 9.0 17.9
2011 3.0 5.1 8.1
2012 6.3 10.2 16.4

Source: SNL Financial LC.

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