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, 2016-2017

($000)

  Annual payroll   Annual payroll
State 2016 2017 State 2016 2017
Alabama $2,697,019 $2,886,874 Montana $467,676 $490,621
Alaska 173,936 175,776 Nebraska 2,313,067 2,473,280
Arizona 4,481,094 4,997,273 Nevada 1,197,594 1,285,131
Arkansas 1,174,225 1,246,195 New Hampshire 1,644,648 1,343,239
California 26,236,121 27,583,886 New Jersey 11,344,395 12,243,329
Colorado 4,196,014 4,440,482 New Mexico 701,387 774,737
Connecticut 8,839,973 9,537,188 New York 21,177,400 21,928,003
Delaware 640,424 653,037 North Carolina 5,653,987 6,255,904
District of Columbia 653,175 687,410 North Dakota 592,168 610,953
Florida 15,227,448 16,763,140 Ohio 10,557,444 11,204,095
Georgia 8,140,865 8,875,915 Oklahoma 1,732,261 1,822,545
Hawaii 672,569 737,198 Oregon 2,566,965 2,635,423
Idaho 711,369 770,529 Pennsylvania 12,658,368 13,428,329
Illinois 13,824,917 14,511,342 Rhode Island 995,456 1,059,587
Indiana 4,342,180 4,591,134 South Carolina 2,563,984 2,699,525
Iowa 4,410,266 4,652,900 South Dakota 612,153 642,790
Kansas 2,563,161 2,729,109 Tennessee 4,402,923 4,721,730
Kentucky 3,218,390 3,415,885 Texas 19,548,510 21,101,625
Louisiana 2,220,460 2,295,880 Utah 1,645,583 1,785,411
Maine 1,056,577 1,100,520 Vermont 391,749 429,902
Maryland 4,065,312 4,241,065 Virginia 5,025,971 5,424,094
Massachusetts 8,666,148 9,036,167 Washington 4,360,864 4,575,554
Michigan 5,592,710 5,960,833 West Virginia 564,961 602,068
Minnesota 6,889,064 7,521,677 Wisconsin 5,999,116 6,298,544
Mississippi 919,712 958,897 Wyoming 163,297 169,772
Missouri 4,843,944 5,145,497 United States $255,339,000 $271,522,000

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

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