A Firm Foundation: How Insurance Supports the Economy

All insurance companies pay a state tax based on their premiums. Other payments are made to states for licenses and fees, income and property taxes, sales and use taxes, unemployment compensation taxes and franchise taxes.

Premium Taxes By State, Property/Casualty, Life/Annuity and Health Insurers, 2018 (1)

($000)

State Amount State Amount
Alabama  $376,766 Montana $110,827
Alaska 62,429 Nebraska 62,662
Arizona 550,438 Nevada 395,701
Arkansas 223,362 New Hampshire 111,972
California 2,569,271 New Jersey  614,072
Colorado 262,411 New Mexico 169,355
Connecticut 209,026 New York  1,623,191
Delaware 110,292 North Carolina 589,037
D.C. 115,290 North Dakota 63,274
Florida 1,084,872 Ohio 582,794
Georgia 505,054 Oklahoma 328,756
Hawaii 165,602 Oregon 70,903
Idaho 97,359 Pennsylvania 836,186
Ilinois 456,406 Rhode Island 81,519
Indiana 236,175 South Carolina 239,215
Iowa 114,363 South Dakota 92,488
Kansas 408,321 Tennessee 970,831
Kentucky 165,161 Texas 2,445,005
Louisiana 870,872 Utah 135,180
Maine 99,654 Vermont 59,370
Maryland 541,758 Virginia 516,743
Massachusetts 406,251 Washington 630,657
Michigan 395,999 West Virginia 169,607
Minnesota 519,547 Wisconsin 207,729
Mississippi 338,576 Wyoming 23,481
Missouri 464,418 United States $22,480,228

(1) Includes other insurance companies. Data are for each state's fiscal year.

Source: U.S. Department of Commerce, Bureau of the Census.

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