Taxes

The insurance industry is a major source of tax revenue on the state and federal level. In 2014 property/casualty insurers and life insurers incurred federal and foreign taxes were about $20.4 billion dollars. Insurance companies, including life/health and property/casualty companies, paid $18.1 billion in premium taxes to the 50 states in 2014. On a per capita basis, this works out to $57 for every person living in the United States.

 

INSURANCE INDUSTRY'S FEDERAL AND FOREIGN INCOME TAXES INCURRED, 2010-2014

($ 000)

Year Property/casualty Life Total
2010 $8,837,089 $8,551,969 $17,389,058
2011 3,030,002 4,676,858 7,706,860
2012 6,257,395 9,865,190 16,122,585
2013 12,038,618 8,553,612 20,592,230
2014 10,318,140 10,106,677 20,424,817

Source: SNL Financial LC.

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