A Firm Foundation: How Insurance Supports the Economy

Contribution To Gross Domestic Product

Gross domestic product (GDP) is the total value of all final goods and services produced in the economy. The GDP growth rate is the primary indicator of the state of the economy. In 2020 the insurance industry’s value-added to GDP stood at 3.1 percent. 

Insurance Sector's Share Of Gross Domestic Product (GDP), 2017-2021

($ billions)

    Insurance carriers and
related activities
Year Total GDP GDP Percent of
total GDP
2017 $19,479.6 $550.7 2.8%
2018 20,527.2 590.7 2.9
2019 21,372.6 604.5 2.8
2020 20,893.7 640.3 3.1
2021 22,996.1 674.2 2.9

Note: Gross domestic product (GDP) is the total value of all final goods and services produced in the economy. The GDP growth rate is the primary indicator of the state of the economy.

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

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