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, 2018 (1)

 

State Number of employees State Number of employees
Alabama 40,149 Montana 9,103
Alaska 2,614 Nebraska 35,193
Arizona 75,192 Nevada 21,391
Arkansas 23,725 New Hampshire 15,785
California 331,469 New Jersey 105,977
Colorado 59,095 New Mexico 14,016
Connecticut 69,696 New York 199,165
Delaware 7,903 North Carolina 89,745
D.C. 4,392 North Dakota 10,513
Florida 247,334 Ohio 144,086
Georgia 114,362 Oklahoma 32,533
Hawaii 11,316 Oregon 34,199
Idaho 15,139 Pennsylvania 161,564
Illinois 158,436 Rhode Island 11,967
Indiana 66,024 South Carolina 44,725
Iowa 58,599 South Dakota 12,184
Kansas 37,988 Tennessee 69,657
Kentucky 43,828 Texas 305,232
Louisiana 38,617 Utah 29,475
Maine 13,920 Vermont 5,140
Maryland 49,669 Virginia 73,586
Massachusetts 84,333 Washington 57,263
Michigan 83,568 West Virginia 11,719
Minnesota 77,174 Wisconsin 82,083
Mississippi 20,059 Wyoming 3,743
Missouri 71,955 United States 3,386,600

(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 2019.

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, 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.

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