Taxes

The insurance industry is a major source of tax revenue on the state and federal level. In 2013 property/casualty insurers and life insurers incurred federal and foreign taxes were about $20.6 billion dollars. Insurance companies, including life/health and property/casualty companies, paid $17.4 billion in premium taxes to the 50 states in 2013. On a per capita basis, this works out to $55 for every person living in the United States.

 

INSURANCE INDUSTRY'S FEDERAL AND FOREIGN INCOME TAXES INCURRED, 2009-2013

($ billions)

Year Property/casualty Life Total
2009 $8,667,220 $10,458,570 $19,125,790
2010 8,834,290 8,553,982 17,388,273
2011 3,026,943 4,676,261 7,703,203
2012 6,254,790 9,859,000 16,113,791
2013 12,037,527 8,555,821 20,593,348

Source: SNL Financial LC.

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