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, 2020 (1)

($000)

State Amount State Amount
Alabama  $427,848 Montana $120,822
Alaska 65,597 Nebraska 67,044
Arizona 575,949 Nevada 452,361
Arkansas 285,337 New Hampshire 134,100
California 2,829,718 New Jersey  686,682
Colorado 337,655 New Mexico 223,338
Connecticut 190,259 New York  1,904,118
Delaware 118,599 North Carolina 675,023
D.C. 122,993 North Dakota 63,095
Florida 1,225,176 Ohio 640,911
Georgia 554,987 Oklahoma 346,277
Hawaii 186,833 Oregon 76,462
Idaho 112,342 Pennsylvania 859,583
Ilinois 392,704 Rhode Island 117,315
Indiana 248,491 South Carolina 253,175
Iowa 143,407 South Dakota 88,120
Kansas 422,817 Tennessee 1,048,375
Kentucky 178,083 Texas 2,741,653
Louisiana 933,593 Utah 150,390
Maine 109,584 Vermont 60,807
Maryland 615,000 Virginia 549,082
Massachusetts 470,119 Washington 691,393
Michigan 456,600 West Virginia 128,500
Minnesota 530,442 Wisconsin 240,503
Mississippi 359,245 Wyoming 29,909
Missouri 446,610 United States $24,689,026

(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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