A Firm Foundation: How Insurance Supports the Economy

Gross State Product (GSP), Insurance Carriers And Related Activities, 2019-2020

($ millions)

State 2019 2020 As a percent of 2020 total GSP
Alabama $4,843 $5,445 2.40%
Alaska 388 348 0.70
Arizona 8,997 10,602 2.84
Arkansas 2,756 3,214 2.46
California 42,431 42,662 1.42
Colorado 7,517 9,287 2.43
Connecticut 21,972 21,702 7.85
Delaware 6,022 5,306 7.00
D.C. 1,811 2,082 1.44
Florida 34,112 38,191 3.45
Georgia 14,026 15,093 2.42
Hawaii 1,766 1,976 2.38
Idaho 1,475 1,627 1.94
Illinois 44,775 42,497 4.95
Indiana 15,479 14,269 3.80
Iowa 18,062 20,797 10.71
Kansas 4,651 5,457 3.12
Kentucky 6,188 7,245 3.41
Louisiana 5,694 6,644 2.82
Maine 2,308 2,677 3.87
Maryland 10,473 9,895 2.41
Massachusetts 17,299 20,605 3.54
Michigan 14,383 13,631 2.65
Minnesota 14,459 15,081 4.04
Mississippi 2,293 2,558 2.25
Missouri 10,262 10,669 3.24
Montana 863 910 1.77
Nebraska 11,017 12,668 9.49
Nevada 4,184 5,004 2.93
New Hampshire 4,230 3,859 4.40
New Jersey 17,878 19,523 3.16
New Mexico 1,743 2,064 2.10
New York 62,132 73,601 4.27
North Carolina 11,546 11,776 2.00
North Dakota 1,249 1,281 2.34
Ohio 31,245 29,975 4.42
Oklahoma 3,333 3,319 1.77
Oregon 5,285 5,789 2.37
Pennsylvania 28,526 27,545 3.57
Rhode Island 3,113 3,143 5.19
South Carolina 5,369 6,029 2.46
South Dakota 1,329 1,393 2.54
Tennessee 10,116 12,048 3.26
Texas 43,917 44,552 2.51
Utah 3,806 4,429 2.24
Vermont 1,090 1,085 3.25
Virginia 9,238 10,423 1.90
Washington 8,642 10,297 1.70
West Virginia 1,467 1,656 2.18
Wisconsin 18,376 17,996 5.33
Wyoming 348 379 1.04
United States $604,481 $640,299 3.06%

Note: Last updated: October 1, 2021.

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

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