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, 2021 (1)

 

State Number of
employees		 State Number of
employees
Alabama 33,085  Montana 7,150 
Alaska 1,958  Nebraska 28,703 
Arizona 72,363  Nevada 17,665 
Arkansas 18,754  New Hampshire 13,619 
California 239,945  New Jersey 86,572 
Colorado 50,777  New Mexico 11,600 
Connecticut 59,106  New York 161,271 
Delaware 6,686  North Carolina 78,336 
D.C. 3,840  North Dakota 7,816 
Florida 218,368  Ohio 124,146 
Georgia 102,313  Oklahoma 23,313 
Hawaii 7,690  Oregon 28,078 
Idaho 12,734  Pennsylvania 138,677 
Illinois 137,003  Rhode Island 10,708 
Indiana 55,133  South Carolina 36,270 
Iowa 51,494  South Dakota 8,535 
Kansas 31,048  Tennessee 59,673 
Kentucky 37,305  Texas 261,247 
Louisiana 27,634  Utah 26,120 
Maine 12,255  Vermont 4,074 
Maryland 36,946  Virginia 61,339 
Massachusetts 75,056  Washington 47,540 
Michigan 71,111  West Virginia 9,407 
Minnesota 66,136  Wisconsin 73,480 
Mississippi 13,172  Wyoming 2,756 
Missouri 61,993  United States 2,832,000 

(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 2022.

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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