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.

View Archived Tables

Insurance Carriers And Related Activities Compensation By State, 2017-2018

($000)

  Annual payroll   Annual payroll
State 2017 2018 State 2017 2018
Alabama $2,862,704 $2,944,157 Montana $490,642 $517,175
Alaska 175,820 180,302 Nebraska 2,512,918 2,638,319
Arizona 5,015,309 5,493,662 Nevada 1,295,319 1,405,652
Arkansas 1,243,449 1,320,774 New Hampshire 1,349,330 1,415,536
California 27,621,925 28,355,078 New Jersey 12,261,027 12,469,643
Colorado 4,454,000 4,735,936 New Mexico 759,618 813,933
Connecticut 9,556,319 9,964,222 New York 21,935,951 22,023,169
Delaware 647,295 670,791 North Carolina 6,238,043 6,826,018
District of Columbia 687,851 759,171 North Dakota 605,907 630,201
Florida 16,888,303 18,412,638 Ohio 11,213,228 11,754,771
Georgia 8,859,309 9,232,518 Oklahoma 1,822,473 1,882,918
Hawaii 731,371 747,310 Oregon 2,629,146 2,708,294
Idaho 765,108 846,952 Pennsylvania 13,422,452 14,268,202
Illinois 14,516,719 15,722,542 Rhode Island 1,054,124 1,059,912
Indiana 4,555,593 4,840,083 South Carolina 2,734,667 2,869,734
Iowa 4,623,698 4,852,803 South Dakota 647,732 666,384
Kansas 2,727,305 2,771,400 Tennessee 4,679,189 5,451,621
Kentucky 3,439,252 3,564,084 Texas 21,181,602 22,465,137
Louisiana 2,294,993 2,402,610 Utah 1,791,462 1,972,516
Maine 1,107,382 1,142,962 Vermont 424,125 428,216
Maryland 4,203,672 4,360,552 Virginia 5,428,900 5,840,500
Massachusetts 9,063,711 9,659,602 Washington 4,589,047 4,773,999
Michigan 5,960,138 6,148,811 West Virginia 604,344 653,124
Minnesota 7,450,046 7,986,114 Wisconsin 6,336,440 6,523,551
Mississippi 961,814 1,003,449 Wyoming 169,862 178,994
Missouri 5,223,366 5,571,958 United States $271,814,000 $285,928,000

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

View Archived Tables