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, 2021 (1)

($000)

State Amount State Amount
Alabama  $468,162 Montana $138,905
Alaska 61,558 Nebraska 69,558
Arizona 680,245 Nevada 489,269
Arkansas 310,009 New Hampshire 138,900
California 3,116,772 New Jersey  639,103
Colorado 347,690 New Mexico 235,054
Connecticut 181,373 New York  2,078,985
Delaware 123,324 North Carolina 725,207
D.C. 133,546 North Dakota 59,178
Florida 1,491,831 Ohio 666,671
Georgia 538,106 Oklahoma 448,883
Hawaii 191,516 Oregon 49,633
Idaho 118,439 Pennsylvania 852,301
Ilinois 513,239 Rhode Island 146,288
Indiana 234,753 South Carolina 273,744
Iowa 143,752 South Dakota 90,063
Kansas 450,742 Tennessee 1,108,673
Kentucky 187,041 Texas 2,699,643
Louisiana 1,004,261 Utah 165,995
Maine 101,947 Vermont 63,343
Maryland 757,839 Virginia 551,005
Massachusetts 537,405 Washington 683,639
Michigan 349,170 West Virginia 118,061
Minnesota 650,137 Wisconsin 226,531
Mississippi 397,786 Wyoming 36,231
Missouri 447,949 United States $26,293,455

(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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