Property/casualty (P/C) and life/health insurance companies contribute to our economy far beyond their core function of helping to manage risk. Insurers contributed $450.3 billion, or 2.6 percent, to the nation’s gross domestic product in 2014. The taxes they pay include special levies on insurance premiums, which amounted to $19.2 billion in 2015, or 2.1 percent of all taxes collected by the states. Insurance companies invested $748.9 billion in state and local municipal bonds and loans in 2015, helping to fund the building of roads, schools and other public projects. They provide businesses with capital for research, expansions and other ventures through their holdings in stocks and bonds, a figure which totaled $4.1 trillion in 2015. The sector is also a large employer, providing some 2.5 million jobs, or 2.1 percent of U.S. employment in 2015.
The industry is also a major contributor to charitable causes. According to a 2015 McKinsey report, the U.S. property/casualty insurance industry contributed $575 million to charity in 2014. The Insurance Industry Charitable Foundation, established by the property/casualty insurance industry in 1994, had contributed more than $23.5 million in local community grants and nearly 200,000 volunteer hours to hundreds of community nonprofit organizations by mid-2015.
Each year in October the Insurance Industry Charitable Foundation (IICF) promotes a Week of Giving, during which insurance industry employees volunteer at community programs throughout the country. For information on the insurance industry's contribution to community development see Impact, the Insurance Information Institute’s online resource highlighting the insurance industry's contributions to community development. Information on corporate giving (including contributions by insurance foundations) is also available from the Foundation Center.