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, 2020 (1)

 

State Number of
employees
State Number of
employees
Alabama 41,571 Montana 9,330
Alaska 2,548 Nebraska 35,778
Arizona 87,711 Nevada 22,286
Arkansas 24,792 New Hampshire 15,855
California 328,764 New Jersey 105,724
Colorado 62,130 New Mexico 14,789
Connecticut 68,528 New York 198,120
Delaware 8,105 North Carolina 97,588
D.C. 4,323 North Dakota 10,309
Florida 266,177 Ohio 146,367
Georgia 120,255 Oklahoma 32,261
Hawaii 11,018 Oregon 34,542
Idaho 15,921 Pennsylvania 164,808
Illinois 165,618 Rhode Island 12,397
Indiana 67,759 South Carolina 46,115
Iowa 60,753 South Dakota 11,941
Kansas 39,205 Tennessee 75,735
Kentucky 43,998 Texas 323,018
Louisiana 38,525 Utah 32,144
Maine 14,189 Vermont 5,167
Maryland 48,347 Virginia 76,399
Massachusetts 84,950 Washington 57,698
Michigan 86,649 West Virginia 11,857
Minnesota 77,339 Wisconsin 83,862
Mississippi 20,323 Wyoming 3,694
Missouri 76,618 United States 3,493,900

(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 2021.

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, 2018-2019

($000)

  Annual payroll   Annual payroll
State 2018 2019 State 2018 2019
Alabama $2,953,054 $3,041,209 Montana $521,142 $556,493
Alaska 180,978 184,126 Nebraska 2,627,388 2,751,817
Arizona 5,505,373 6,187,208 Nevada 1,401,568 1,485,499
Arkansas 1,324,728 1,416,992 New Hampshire 1,408,296 1,476,467
California 28,177,592 29,078,238 New Jersey 12,479,454 12,908,423
Colorado 4,730,097 5,115,316 New Mexico 821,742 898,693
Connecticut 9,940,104 9,739,181 New York 21,991,902 22,450,028
Delaware 668,549 691,912 North Carolina 6,830,276 7,412,835
District of Columbia 752,970 765,156 North Dakota 631,058 648,395
Florida 18,392,331 19,318,084 Ohio 11,865,289 12,118,535
Georgia 9,212,675 9,839,687 Oklahoma 1,877,754 1,920,143
Hawaii 751,837 776,250 Oregon 2,707,920 2,823,215
Idaho 850,910 908,981 Pennsylvania 14,226,568 14,790,357
Illinois 15,715,046 16,692,962 Rhode Island 1,061,854 1,111,774
Indiana 4,828,391 5,083,382 South Carolina 2,870,402 2,973,084
Iowa 4,851,108 5,122,139 South Dakota 666,160 690,633
Kansas 2,758,009 2,845,974 Tennessee 5,439,930 5,640,466
Kentucky 3,543,836 3,604,422 Texas 22,458,499 24,204,813
Louisiana 2,390,246 2,392,003 Utah 1,959,684 2,051,308
Maine 1,135,830 1,167,429 Vermont 429,048 447,058
Maryland 4,365,363 4,437,869 Virginia 5,833,315 6,118,664
Massachusetts 9,622,191 10,079,860 Washington 4,753,115 5,005,754
Michigan 6,141,718 6,562,282 West Virginia 655,434 672,581
Minnesota 8,005,827 8,457,170 Wisconsin 6,506,231 6,887,373
Mississippi 997,871 1,049,658 Wyoming 179,237 185,838
Missouri 5,565,100 6,052,264 United States $285,565,000 $298,840,000

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

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