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, 2019 (1)

 

State Number of
employees
State Number of
employees
Alabama 44,988 Montana 10,249
Alaska 2,818 Nebraska 38,616
Arizona 89,202 Nevada 25,080
Arkansas 27,290 New Hampshire 16,847
California 371,874 New Jersey 115,799
Colorado 65,692 New Mexico 16,140
Connecticut 73,060 New York 215,182
Delaware 8,672 North Carolina 104,181
D.C. 4,524 North Dakota 11,429
Florida 283,586 Ohio 155,624
Georgia 128,618 Oklahoma 36,568
Hawaii 12,929 Oregon 37,100
Idaho 17,076 Pennsylvania 177,283
Illinois 177,219 Rhode Island 13,119
Indiana 73,513 South Carolina 50,559
Iowa 64,556 South Dakota 13,549
Kansas 42,652 Tennessee 82,083
Kentucky 47,631 Texas 347,820
Louisiana 43,739 Utah 32,951
Maine 14,725 Vermont 5,659
Maryland 54,088 Virginia 82,571
Massachusetts 90,133 Washington 62,479
Michigan 94,566 West Virginia 12,960
Minnesota 84,868 Wisconsin 88,763
Mississippi 23,672 Wyoming 4,108
Missouri 81,290 United States 3,779,700

(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 2020.

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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