A Firm Foundation: How Insurance Supports the Economy

The insurance industry is a major source of tax revenue on the state and federal level. In 2015 property/casualty insurers and life insurers incurred federal and foreign taxes were about $20.8 billion dollars. Insurance companies, including life/health and property/casualty companies, paid $20.5 billion in premium taxes to the 50 states in 2016. On a per capita basis, this works out to $63 for every person living in the United States. 

 

Insurance Industry's Federal And Foreign Income Taxes Incurred, 2011-2015

($ 000)

Year Property/casualty Life Total
2011 $3,030,002 $4,676,858 $7,706,860
2012 6,257,395 9,865,190 16,122,585
2013 12,038,618 8,553,612 20,592,230
2014 10,318,140 10,106,154 20,424,293
2015 10,188,305 10,566,567 20,754,872

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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