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, 2022 (1)

 

State Number of
employees		 State Number of
employees
Alabama 35,570  Montana 7,520 
Alaska 1,953  Nebraska 28,145 
Arizona 73,616  Nevada 20,175 
Arkansas 19,584  New Hampshire 13,479 
California 242,214  New Jersey 87,774 
Colorado 51,275  New Mexico 11,851 
Connecticut 59,402  New York 161,438 
Delaware 7,057  North Carolina 85,927 
D.C. 3,804  North Dakota 7,706 
Florida 232,429  Ohio 128,500 
Georgia 109,348  Oklahoma 24,692 
Hawaii 7,403  Oregon 27,938 
Idaho 13,853  Pennsylvania 139,442 
Illinois 138,230  Rhode Island 11,642 
Indiana 57,497  South Carolina 40,154 
Iowa 52,254  South Dakota 8,505 
Kansas 30,367  Tennessee 60,516 
Kentucky 37,305  Texas 279,717 
Louisiana 29,011  Utah 25,631 
Maine 12,403  Vermont 4,206 
Maryland 37,042  Virginia 64,293 
Massachusetts 74,102  Washington 47,285 
Michigan 73,388  West Virginia 9,731 
Minnesota 66,573  Wisconsin 76,198 
Mississippi 14,100  Wyoming 2,840 
Missouri 64,915  United States 2,920,000 

(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 2023.

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, 2018-2019

($000)

  Annual payroll   Annual payroll
State 2018 2019 State 2018 2019
Alabama $2,953,054 $3,041,209 Montana $521,142 $556,493
Alaska 180,978 184,126 Nebraska 2,627,388 2,751,817
Arizona 5,505,373 6,187,208 Nevada 1,401,568 1,485,499
Arkansas 1,324,728 1,416,992 New Hampshire 1,408,296 1,476,467
California 28,177,592 29,078,238 New Jersey 12,479,454 12,908,423
Colorado 4,730,097 5,115,316 New Mexico 821,742 898,693
Connecticut 9,940,104 9,739,181 New York 21,991,902 22,450,028
Delaware 668,549 691,912 North Carolina 6,830,276 7,412,835
District of Columbia 752,970 765,156 North Dakota 631,058 648,395
Florida 18,392,331 19,318,084 Ohio 11,865,289 12,118,535
Georgia 9,212,675 9,839,687 Oklahoma 1,877,754 1,920,143
Hawaii 751,837 776,250 Oregon 2,707,920 2,823,215
Idaho 850,910 908,981 Pennsylvania 14,226,568 14,790,357
Illinois 15,715,046 16,692,962 Rhode Island 1,061,854 1,111,774
Indiana 4,828,391 5,083,382 South Carolina 2,870,402 2,973,084
Iowa 4,851,108 5,122,139 South Dakota 666,160 690,633
Kansas 2,758,009 2,845,974 Tennessee 5,439,930 5,640,466
Kentucky 3,543,836 3,604,422 Texas 22,458,499 24,204,813
Louisiana 2,390,246 2,392,003 Utah 1,959,684 2,051,308
Maine 1,135,830 1,167,429 Vermont 429,048 447,058
Maryland 4,365,363 4,437,869 Virginia 5,833,315 6,118,664
Massachusetts 9,622,191 10,079,860 Washington 4,753,115 5,005,754
Michigan 6,141,718 6,562,282 West Virginia 655,434 672,581
Minnesota 8,005,827 8,457,170 Wisconsin 6,506,231 6,887,373
Mississippi 997,871 1,049,658 Wyoming 179,237 185,838
Missouri 5,565,100 6,052,264 United States $285,565,000 $298,840,000

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

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