A Firm Foundation: How Insurance Supports the Economy

Contribution To State Economies

The insurance industry is a major contributor to state economies, providing employment, paying taxes and supporting community development. In addition, insurance company claims payments help ensure the economic security of individuals and businesses and help sustain a number of related industries. The magnitude of these claims payments for major insurance lines is highlighted in the "Incurred Losses by State" section. Incurred losses are a measurement of insurance claims occurring within a fixed period.

Insurance Carriers And Related Activities Employment By State, 2017 (1)

 

State Number of employees State Number of employees
Alabama 39,524 Montana 8,902
Alaska 2,595 Nebraska 34,856
Arizona 71,743 Nevada 20,620
Arkansas 22,842 New Hampshire 15,924
California 331,913 New Jersey 105,307
Colorado 57,975 New Mexico 13,641
Connecticut 70,557 New York 199,310
Delaware 7,849 North Carolina 86,996
D.C. 4,243 North Dakota 10,628
Florida 232,002 Ohio 143,254
Georgia 111,809 Oklahoma 32,172
Hawaii 11,187 Oregon 34,305
Idaho 14,199 Pennsylvania 159,073
Illinois 155,757 Rhode Island 11,927
Indiana 64,769 South Carolina 44,113
Iowa 58,302 South Dakota 12,203
Kansas 38,463 Tennessee 67,463
Kentucky 44,356 Texas 291,601
Louisiana 38,011 Utah 28,893
Maine 13,831 Vermont 5,092
Maryland 49,504 Virginia 71,331
Massachusetts 83,889 Washington 56,958
Michigan 83,774 West Virginia 11,235
Minnesota 76,708 Wisconsin 81,952
Mississippi 19,513 Wyoming 3,681
Missouri 70,748 United States 3,327,500

(1) Total full-time and part-time employment.

Note: Does not match data shown elsewhere due to the use of different surveys. Data as of September 2018.

Source: U.S. Department of Commerce, Bureau of Economic Analysis, Regional Economic Information System.

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Insurance Carriers And Related Activities Compensation By State, 2016-2017

($000)

  Annual payroll   Annual payroll
State 2016 2017 State 2016 2017
Alabama $2,697,019 $2,886,874 Montana $467,676 $490,621
Alaska 173,936 175,776 Nebraska 2,313,067 2,473,280
Arizona 4,481,094 4,997,273 Nevada 1,197,594 1,285,131
Arkansas 1,174,225 1,246,195 New Hampshire 1,644,648 1,343,239
California 26,236,121 27,583,886 New Jersey 11,344,395 12,243,329
Colorado 4,196,014 4,440,482 New Mexico 701,387 774,737
Connecticut 8,839,973 9,537,188 New York 21,177,400 21,928,003
Delaware 640,424 653,037 North Carolina 5,653,987 6,255,904
District of Columbia 653,175 687,410 North Dakota 592,168 610,953
Florida 15,227,448 16,763,140 Ohio 10,557,444 11,204,095
Georgia 8,140,865 8,875,915 Oklahoma 1,732,261 1,822,545
Hawaii 672,569 737,198 Oregon 2,566,965 2,635,423
Idaho 711,369 770,529 Pennsylvania 12,658,368 13,428,329
Illinois 13,824,917 14,511,342 Rhode Island 995,456 1,059,587
Indiana 4,342,180 4,591,134 South Carolina 2,563,984 2,699,525
Iowa 4,410,266 4,652,900 South Dakota 612,153 642,790
Kansas 2,563,161 2,729,109 Tennessee 4,402,923 4,721,730
Kentucky 3,218,390 3,415,885 Texas 19,548,510 21,101,625
Louisiana 2,220,460 2,295,880 Utah 1,645,583 1,785,411
Maine 1,056,577 1,100,520 Vermont 391,749 429,902
Maryland 4,065,312 4,241,065 Virginia 5,025,971 5,424,094
Massachusetts 8,666,148 9,036,167 Washington 4,360,864 4,575,554
Michigan 5,592,710 5,960,833 West Virginia 564,961 602,068
Minnesota 6,889,064 7,521,677 Wisconsin 5,999,116 6,298,544
Mississippi 919,712 958,897 Wyoming 163,297 169,772
Missouri 4,843,944 5,145,497 United States $255,339,000 $271,522,000

Source: Regional Economic Information System, Bureau of Economic Analysis, U.S. Department of Commerce.

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