Georgia Firm Foundation
KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE GEORGIA ECONOMY
The insurance industry in Georgia has a significant impact on the state’s economy that extends well beyond its responsibilities to collect premiums and settle claims. It employs licensed professionals, pays taxes, owns municipal bonds and serves people in their times of greatest need.
U.S. Department of Commerce data show the insurance industry provided 101,796 jobs in Georgia in 2014. The Georgia insurance industry accounted for about $7.4 billion in compensation in 2014.
GROSS STATE PRODUCT
The insurance industry contributed $9.75 billion to the Georgia gross state product (GSP) in 2013, accounting for 2.14 percent of the state GSP.
Premium taxes paid by insurance companies in Georgia totaled $372.1 million in 2014.
Direct premiums written by property/casualty insurance companies in Georgia totaled $16.1 billion in 2014. In addition, premiums written by life/health insurance companies totaled $17.6 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).
The surplus lines market, a group of highly specialized insurers, exists to provide coverage that is not available through licensed insurers in the standard insurance market. For the many thousands of businesses that rely on some level of surplus line protection to keep their doors open, surplus lines is an important segment of the market. The Georgia surplus lines market accounted for $1.0 billion in gross premiums written in 2014, according to a survey by Business Insurance.
Insurance company claims payments help ensure the economic security of individuals and businesses and help sustain a number of related industries. In 2014 these payments in Georgia as measured by direct property/casualty incurred losses, were $9.6 billion. Life insurance claims and benefits payouts in Georgia totaled $11.7 billion in 2014, on a direct basis before reinsurance, and includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health.
The insurance industry plays a vital role in helping individuals and businesses prepare for and recover from the potentially devastating effects of a disaster such as a catastrophic hurricane, storm or wildfire. Four of the 10 most costly hurricanes to hit the United States caused insured property damage in Georgia: Hurricane Katrina in 2005; Hurricane Ivan in 2004, Hurricane Hugo in 1989, and Hurricane Frances in 2004. The insured value of properties in coastal areas of Georgia totaled $106.7 billion in 2012, according to an analysis by AIR Worldwide. The state is also prone to wildfires and tornadoes. In 2014 Georgia ranked fourth in the nation for the number of wildfires, with 3,562 fires that burned 19,199 acres. That year Georgia ranked tenth for the number of tornadoes with 35.
LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN GEORGIA , 2014 (1)
STATE BY STATE COMPARISON TABLES
- Surplus Lines
- Gross State Product
- State Taxes
- Insurance Companies By State
- Catastrophes By State
- Residual Markets
- Captives By State
- Incurred Losses By State
- Insured Cars By State
- Insured Homes By State
- Businesses By State