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, 2017 (1)

 

State Number of employees State Number of employees
Alabama 39,524 Montana 8,902
Alaska 2,595 Nebraska 34,856
Arizona 71,743 Nevada 20,620
Arkansas 22,842 New Hampshire 15,924
California 331,913 New Jersey 105,307
Colorado 57,975 New Mexico 13,641
Connecticut 70,557 New York 199,310
Delaware 7,849 North Carolina 86,996
D.C. 4,243 North Dakota 10,628
Florida 232,002 Ohio 143,254
Georgia 111,809 Oklahoma 32,172
Hawaii 11,187 Oregon 34,305
Idaho 14,199 Pennsylvania 159,073
Illinois 155,757 Rhode Island 11,927
Indiana 64,769 South Carolina 44,113
Iowa 58,302 South Dakota 12,203
Kansas 38,463 Tennessee 67,463
Kentucky 44,356 Texas 291,601
Louisiana 38,011 Utah 28,893
Maine 13,831 Vermont 5,092
Maryland 49,504 Virginia 71,331
Massachusetts 83,889 Washington 56,958
Michigan 83,774 West Virginia 11,235
Minnesota 76,708 Wisconsin 81,952
Mississippi 19,513 Wyoming 3,681
Missouri 70,748 United States 3,327,500

(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 2018.

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, 2015-2016

($000)

  Annual payroll   Annual payroll
State 2015 2016 State 2015 2016
Alabama $2,734,261 $2,696,884 Montana $456,693 $467,914
Alaska 171,738 173,967 Nebraska 2,232,920 2,307,113
Arizona 4,267,486 4,473,347 Nevada 1,162,414 1,198,597
Arkansas 1,099,691 1,172,658 New Hampshire 1,624,541 1,654,416
California 25,130,878 26,222,206 New Jersey 11,236,436 11,346,259
Colorado 4,026,842 4,195,570 New Mexico 671,890 699,622
Connecticut 8,949,030 8,842,446 New York 21,083,844 21,181,108
Delaware 686,717 640,467 North Carolina 5,316,582 5,646,668
D.C. 709,518 653,094 North Dakota 572,179 592,444
Florida 14,597,884 15,236,706 Ohio 10,233,625 10,560,166
Georgia 7,793,092 8,126,951 Oklahoma 1,733,975 1,730,734
Hawaii 649,807 671,792 Oregon 2,452,065 2,566,356
Idaho 650,640 708,961 Pennsylvania 12,856,173 12,661,514
Illinois 13,458,604 13,810,531 Rhode Island 1,001,407 995,112
Indiana 4,210,426 4,340,631 South Carolina 2,460,132 2,555,921
Iowa 4,136,349 4,410,475 South Dakota 597,047 612,120
Kansas 2,624,367 2,557,307 Tennessee 4,139,039 4,402,908
Kentucky 3,132,090 3,217,832 Texas 18,809,998 19,552,085
Louisiana 2,117,446 2,215,562 Utah 1,509,762 1,641,388
Maine 1,036,856 1,057,761 Vermont 380,410 391,796
Maryland 3,964,567 4,062,638 Virginia 4,947,402 5,016,549
Massachusetts 8,570,921 8,665,791 Washington 4,220,758 4,362,764
Michigan 5,341,763 5,594,724 West Virginia 556,532 565,492
Minnesota 7,936,193 6,888,441 Wisconsin 5,814,479 6,005,088
Mississippi 884,172 917,050 Wyoming 160,110 163,035
Missouri 4,708,249 4,833,039 United States $249,820,000 $255,264,000

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

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